Property developer Sunland Group has acquired a 2.29 hectare site in Chapel Hill, 7 kilometres west of the Brisbane CBD for $5.9 million.
The existing development approval is for 33 detached houses, with almost one hectare dedicated to open green space, encompassing extensive revegetation along the brook’s edge.
Sunland managing director, Sahba Abedian, said the site is earmarked for a boutique residential development with an estimated end value of $30 million, comprising a mix of three and four bedroom residences.
“This latest acquisition is in line with our strategy of identifying premium sites within established, high-growth areas, with access to considerable natural and built amenity,”
“The homes will cater specifically to the owner-occupier market to deliver the high level of amenity, finishes, and quality craftsmanship sought by this segment.
[Related reading: Sunland Ready for 2018 After Reporting $35.3 Million Profit]
Located at 34 to 38 Kirkdale Road, Chapel Hill, the acquisition of the site further increases the developer's Queensland portfolio.
Completed in mid-2017, Abian residential tower in the Brisbane CBD, commenced settlement in June. The 41-storey tower comprises of 150 dwellings with an end-value of $240 million.
The developer is responsible for the massive $430 million Zaha Hadid-designed "Grace on Coronation". The Queensland Planning and Environment Court dismissed an appeal against the three towers in May this year.
Shea Residences in St Lucia is scheduled for completion early next year and comprises 28 townhouses on a 6,300 sq m site.
Sunland has also lodged a development application for a site in Everton Hills in Brisbane’s Northwest.
Ray White Real Estate principle Craig Sharp has said Chapel Hill has a big potential for growth.
“As far as population growth Chapel Hill has far from reached its limit,”
“There are still big pieces of land and there is one on the market now that’s more than 5000 sq m which you would expect to be split into blocks of about 405 sq m or group-titled townhouses.
“I reckon there may 20 or 25 properties on semi-rural-like lots and it’s where two houses will turn in to 30.”
Chapel Hill is a relatively high-demand market with 1144 visits per property compared to the Queensland average of 307.
The median house price in Chapel Hill, at $781,000, is significantly higher than the national average of $485,000, with the median price increasing by 4.13% over the past year.
The median price to rent is $580 per week with the median yield for the area at 3.9% below the national average of 4.24%.
Construction of the Chapel Hill Site is anticipated to begin during the first half of 2018, with completion expected in the second half of 2019.
