Gold Coast-based property developer Orchard Property Group has acquired of a 54-hectare development-ready site in Logan for $17.25 million.
The greenfield site sits within one of Queensland’s fastest growing development corridors, the Greater Flagstone priority development area (PDA).
The 7,188 hectare site located west of Jimboomba and the Mount Lindesay Highway, was declared a priority development area in 2010 and has fast become one of the state's employment hubs.
The growth corridor is anticipated to provide approximately 50,000 new dwellings to house a population of up to 120,000 people.
Orchard has now signalled plans for its largest project to date, a 650-lot, $120 million residential community dubbed Pebble Creek.
The new community set to be launced next year, will be constructed over a five year period once approval is in place.
“The Greater Flagstone PDA has begun to build momentum over recent years and we think it will be one of Queensland’s fastest growing areas over coming years as the nearby employment hubs really kick into gear,” Orchard Property Group managing director Brent Hailey said.
Hailey noted that Queensland’s positive economic activity had fueled the job market and interstate migration with employment hubs at Park Ridge, Logan Central and the Flagstone Town Centre.
“With Sydney and Melbourne markets looking a little overheated, developers are turning their attention back to Queensland, with some upward pressure emerging on prices for quality sites.”
The launch of Pebble Creek will take the developer's portfolio of active projects to four, with a total of 930 lots.
Orchard recently completed 110-lots at “Pinevue” in Maudsland as well as 156 lots at “The Rise” located in Thornlands.
Recent acquisitions at Narangba and Caboolture have added a further 300 potential lots to their pipeline.