Queensland developer Golden Gate Property has completed the acquisition of a 50ha residential development site at Park Ridge, 32 kilometres drive from the Brisbane CBD and in the heart of the city’s southern growth corridor.
The company is now within the final stages of finalising plans for the launch of a 600-lot masterplanned community with an expected gross realisation in excess of $135 million.
The site comprises nine separate lots located along Park Ridge Road, Park Ridge, in the heart of the fast growing Logan City Council local government area. The site is well connected to the surrounding area and the rest of south east Queensland with easy access to the west via Mt Lindesay Highway, east via Chambers Flat Road and north via the Logan Motorway.
The privately-owned Golden Gate Property (www.ggpg.com.au) has a number of other in-fill projects within the broader SEQ region and is currently looking to release Stage 2 of their 97-lot, $23 million Regency Green estate nearby at Green Road, Park Ridge.
Director of Development David Whiteman said the site required complex negotiations to aggregate a group of fragmented rural land holdings into a single site and would be the company’s largest project to date.
“It is a significant site that we believe has great potential due to its existing natural attributes and its connectivity with major transport infrastructure and the nearby Park Ridge Central shopping precinct,” he said.
“Our intention is to create a vibrant community that generates opportunities for, and enhances the lives of local residents with improved amenities, public transport links and public realm offerings with over six hectares of district level parklands onsite.
“Regency Green has given us a strong understanding of the area and we are confident there is demand for a quality owner-occupier focused product in the area.”
Future residents will benefit from the South East Queensland Infrastructure Plan, which outlines $134 billion in infrastructure projects including the Meadowbank health, education and innovation hub masterplan and Logan Hospital expansion and refurbishment.
Mr Whiteman said the company had commissioned research that showed the primary catchment for the project (consisting of Park Ridge and Boronia Heights) was expected to cater for an extra 20,000 residents by 2036, with a growth rate of 4.9% a year (2016-2036).
Residential land sales in Logan LGA continue to follow upwards trends, accounting for 38.5% of SEQ’s current developable land, providing a significant scope for prosperous future residential land development.
The project, named Carver’s Reach estate, is due to be launched within months pending engagement of the site’s principal civil contractor.
Mr Whiteman said the masterplan for the site would have a range of features and amenities including a district recreation park, a local park, a childcare centre and integrated passive recreation opportunities within adjoining biodiversity areas which are planned for rehabilitation.
“It is a true, multi-stage masterplanned community where we have the scope to be creative in terms of the open space and connectivity with the local community,” he said. “We look forward to launching the project in coming months.”
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