Mirvac has invested $18.6 million to acquire two new development sites in Brisbane’s north side middle-ring.
The property group hopes to deliver around 220 new homes to Queensland by obtaining development approval for their investment sites at Arana Hills and Everton Park.
"We are actively pursuing opportunities and progressing projects in key growth precincts across south-east Queensland and see Brisbane's middle suburban ring as a prime location," Mirvac Queensland general manager Warwick Bible said.
"Both the Arana Hills and Everton Park projects will deliver high quality and diverse housing choices in a prized position, within easy commuting distance of the city centre and with a range of services and conveniences at the doorstep.
"Everton Park is a suburb we know well, having completed and sold-out of our $30 million Greystone Terraces community late last year (2016), with all 56 homes purchased within 18 months."The Arana Hills site, which settled this week for $5.35 million, is situated on Plucks Road, 11 kilometres from the Brisbane CBD.
Mirvac is proposing to deliver 77 three and four bedroom town homes, each with two carparks, along with three homesites at Arana Hills. The leafy development will boast elevated aspects to nearby green corridors, and a recreation area with a pool.
Mirvac's Everton Park investment.
The company's six-hectare parcel at Ashmore Street in Everton Park, just seven kilometres from the Brisbane CBD, sold in March for $13.25 million.
The planned development at Everton Park will feature 139 lots, including 54 homesites and 85 three and four bedroom town homes, all with double lock-up garages.
The proposal also includes exclusive resident facilities with a pool and recreation centre, a native vegetated area bordering Kedron Brook cycle path and the retention and restoration of a heritage Queensland home, located at the community's entrance.
Mirvac anticipated launching both communities in 2018, pending approval from Council.
Bible said the proposed projects continue Mirvac's commitment to Brisbane's middle suburban ring, with the developer moving forward with plans for a 133-homesite community on a site at Rochedale, which it acquired earlier this year.
The announcement of the new projects also comes on the back of the developer receiving State Government approval for a new community at Greenbank in the Greater Flagstone Priority Development Area. Located about 30 kilometres south-west of the Brisbane CBD, Mirvac will deliver approximately 3,300 residential homesites and community facilities including a state primary school, neighbourhood retail centre and community health centre on the Greenbank site.