House-and-land developer Villa World has expanded its footprint in the growth corridors of Brisbane, announcing the acquisition of a 700-plus lot land parcel at Logan Reserve.
The $32 million deal includes seven adjoining land parcels with the majority of the land already approved for residential development.
It is located within 5km of Logan City, and around 26km south of the Brisbane CBD.
Villa World has earmarked the Logan Reserve for a large-scale, long-term project that will appeal to owner-occupiers, downsizers, first home buyers and local investors.
Villa World Managing Director and Chief Executive Officer Craig Treasure said the company planned to develop around 726 lots, over 15 stages, with a mixture of house-and-land product as well as home site sales.
Logan has been highlighted by leading property analysts as a real estate “hot spot”, rating high in terms of affordability, infrastructure and employment opportunities.
Logan City suburbs have recorded growth in median house prices of between 8% and 12% during the past year.
Villa World’s market presence in Logan already includes The Sanctuary at Waterford, comprising 81 house and land lots and attracting strong sales since coming to market in June 2015.
Homes at The Sanctuary are priced from $394,000 and feature premium inclusions within a fixed price contract.
The Logan Reserve acquisition stretches between Chambers Flat Road and Logan Reserve Road and will include a mix of affordable residential product and community open spaces.
Mr Treasure said: “Logan Reserve is another significant acquisition for Villa World in the south-east Queensland market, after recently securing the $30.6 million Arundel site on the Gold Coast.
“Restocking our development pipeline has been a continuing priority. We’re very pleased to be adding more than 700 lots through this single acquisition which is part of our forecast expenditure of $145-$160 million during this financial year.”
The unconditional purchase of the seven adjoining land parcels at Logan Reserve is expected to be released to the market in early 2017.
“Our ability to deliver a completed home with consistency and quality on time and within the budgets of young families comes from our innovation in housing design and commitment to quality construction,” Mr Treasure said.
Established in 1986, Villa World is Queensland’s oldest ASX-listed developer and one of Australia’s largest housing providers.