Residential developer Villa World has acquired a site at Strathpine in Brisbane’s north for $24 million.
The 54 hectare site is 19 kilometres north of the Brisbane CBD, and is located in close proximity to major employment, commercial and retail precincts.
It has current residential zoning, and the company intends to develop approximately 380 house and land lots priced from around $460,000.
Villa World’s CEO & Managing Director, Craig Treasure, said: “This is a significant acquisition for our company in the strong South East Queensland market. It’s a large site which will add around four years to Villa World’s residential development stock on the north side.""It will be a timely replacement for our successful Park Vista project at Mango Hill (pictured), which is nearing completion sooner than expected due to strong demand."“Restocking our development pipeline has been a continuing priority.”
This acquisition will form part of the Company’s acquisition spend for FY17 and will be paid from existing debt facilities and working capital. The development is expected to commence contributing to revenue during FY18.