Stockland has submitted an application for a $388 million Caboolture West residential development of a substantial 175-hectare parcel of land.
The application seeks subdivision approval for the first precinct—206 lots of a total 1,939 dwellings—planned for 60-172 and 67-177 Litherland Road, Upper Caboolture as well as establishing the intent of future development over the next 30 years.
There are five precincts planned for the site located 51km north of Brisbane, including a residential care facility, child care centre, club, educational establishment, hardware shop, businesses, office, place of worship, retirement facility and restaurants.
Meanwhile the ASX-listed group has removed its lot and revenue projections for the nearby Twin Waters West development which was refused by council on 23 July.
The two developments are part of Stockland’s 6,285-lot Queensland development pipeline, which also includes a $541 million development at Ellida, Rockhampton, a $65 million project at Hope Island, Gold Coast and a $585 million community at Paradise Waters, Deebing Heights.
Stockland acquired the Caboolture West development site in 2008 within the emerging community zone in the Moreton Bay Regional Council district.
The project is specifically designed to promote an active lifestyle-based sustainable community, leveraging a significant open space network including Caboolture River and Small Creek, according to the development application.
“An integrated convenience, community and district sporting area completes the vision aimed at providing a benchmark in residential development within the Caboolture West expansion area and in proximity to the Morayfield and Caboolture CBD.”
Around 24 per cent of the site will be dedicated to the conservation of natural habitats as well as a network of passive open space areas.
“The proposed development includes rehabilitation and offset planting of key areas and proposes revegetation of the Caboolture River Creek environmental corridor to provide a flora and fauna passage ,” the application states.
“Other vegetated areas along Litherland Road are intended to be preserved within an offset sub-arterial road corridor design.”
House and land sales improvements as a result of new government stimulus packages have sparked something of a mini-boom in Australia, improving the outlook for Stockland and other REITs in recent times.
Despite this Stockland’s overall performance has been impacted by its retail portfolio which has suffered due to ongoing restrictions and the bricks and mortar downturn.