Avid Property Group has purchased a 41.4ha site just north of Brisbane for about $30 million from ASX-listed company CSR.
The former Warner quarry is expected to provide 400 residential blocks with construction to begin in 2023 at the107-109 Kremzow Road site.
A application was submitted on the Moreton Bay parcel of land opposite a Bunnings Warehouse in 2018 and was approved in mid-2020 despite push back from the community over ongoing development concerns in the area.
Development in Warner has been ramping up in the past few years on the back of a broader shortage of greenfield across the Queensland.
Pressure is growing on the Queensland government to release new land with low interest rates and interstate buyers turbo-charging this demand.
Avid chief executive Cameron Holt said they wanted to bolster their presence in the region.
“We’ve made no secret of our appetite for growth and this site strengthens our future pipeline in what is a supply constrained market,” Holt said.
“This growth corridor, and the broader Moreton Bay region, is increasingly becoming an affordable, attractive housing option to first home buyers and those looking to upgrade.
“Buyers know that affordable, community-centred housing options of this calibre are simply not available in Brisbane’s competitive inner-city suburbs.”
Avid general manager Queensland Bruce Harper said the new site joins the group’s 12 other communities in the state.
“We’ve had considerable success in the Moreton Bay region, with three of Avid’s communities in the area selling out this year—more than six months ahead of their anticipated timeframe—a clear indication that this region is highly sought after and supply constrained,” Harper said.
The acquisition deal was brokered by Brendan Hogan and Adam Rubie from Colliers on behalf of CSR.
Last year CSR sold 8.6ha of land in western Sydney at Horsley Park for $84.3 million as part of its strategy to unlock value from its property assets.
The company which also manufactures building products and aluminium posted a net profit after tax of $86.6 million, up 30 per cent on the year prior to September.