ASX-listed developer Sunland Group has received development approval to deliver 91 townhouses in Everton Hills, 11 kilometres north-west of Brisbane’s CBD.
Sunland purchased the 2.68 hectare site in 2016 for $6 million from a private vendor.
The development, which will launch in April, will be the developer’s first townhouse development in a middle-ring suburb.
Brisbane’s middle-ring suburbs has presented opportunities for development in a market with pockets of oversupply – last year Sunland bought a 2.29 hectare site on Kirkdale Road at Chapel Hill in Brisbane’s west for $5.9 million. The site had existing development approval for 33 detached houses.
Sunland Group managing director, Sahba Abedian, said more than a third of the site will be dedicated to open space, with a large central parkland and 3,500 square metres of preserved bushland located close to each home.
The site is located a four-minute drive from Grovely Train Station, with direct services to the Brisbane CBD. Prices are expected to start from $470,000.
Earthworks are scheduled to commence in March, followed by the commencement of home construction during the second half of 2018.
The project is being jointly marketed by Colliers International and Sunland Group.
Sunland last week reported a 314 per cent lift in first half profit of the corresponding period to $20.7 million boosted by the company’s increase in the volume and value of settlements from its multi-storey and residential housing portfolios, and the ongoing contribution from the Sunland’s retail holdings.
The group’s Brisbane portfolio includes the Abian residential tower, completed in mid-2017, and Shea Residences in St Lucia, which is 95 per cent sold and scheduled for completion in May 2018.