The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
AFFORDABLE HOUSING DEVELOPMENT SUMMIT THIS THURSDAY
AFFORDABLE HOUSING SUMMIT THIS THURSDAY
EVENT DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
ResidentialRenee McKeownMon 21 Feb 22

Frasers Unlocks Land Bank for 2150-Lot Housing Estate

Development near Queensland’s largest release of residential land is gearing up with Frasers Property planning a 2150 lot development from its Australian landbank near Flagstone.

Development near Queensland’s largest release of residential land is ramping up with Frasers Property planning a 2150-lot development from its Australian landbank.

Flagstone, 50km south of Brisbane, was identified as a key part of Queensland’s Covid-recovery strategy with 27,000 lots there unlocked in mid-2021, attracting the attention of major developers.

Frasers paid $80 million for 250ha of land in the nearby suburb of New Beith from Peet Limited, with the sale expected to be completed in October this year.

The Singapore Exchange-listed company detailed its Australian pipeline, currently with $678 million (SGD$658 million) invested in it, in a recent business update.

Five development projects were added to Frasers’ pipeline at the start of the year, giving the company a running total of six projects across 232,000sq m in Victoria, three in NSW across 120,000 and four projects across Queensland, not including New Beith.

Meanwhile, Peet also expanded its footprint in Flagstone, taking 100 per cent ownership of its Flagstone City project.

Render of a future Flagstone City with apartment buildings, shops and parkland south of Brisbane.
▲ The $6.7-billion Flagstone City project by Peet will be the central hub of the priority development area which is half the size of Brisbane.

The ASX-listed company purchased Spirit Super’s half stake in the development for $46.15 million on New Year’s Eve for the remaining 10,500 lots.

Peet chief executive Brendan Gore said they were managing their significant landbank in the region.

“The [New Beith] property was not on the company’s short- to medium-term development program and has been sold at a price which is an 83 per cent premium [net of transaction costs] to book value, providing strong market evidence of embedded value in Peet’s national landbank,” Gore said.

“We seek to manage our landbank in a manner that optimises the return on the capital employed and this sale follows our recent announcement of the acquisition of the balance of the Flagstone City project.”

ResidentialBrisbanePlanningPlanningSector
AUTHOR
Renee McKeown
More articles by this author
ADVERTISEMENT
TOP STORIES
Traders in purple Northsea Wollongong EDM
Exclusive

Affordable Housing Bonus Drives Mixed-Tenure Momentum

Clare Burnett
6 Min
Exclusive

Industry Stoush Looms Over Construction Code Pause

Patrick Lau
4 Min
Exclusive

New Wave of Capital Washes Over Evolving Surf Park Sector

Phil Bartsch
11 Min
North Sydney TUD Plus HERO
Exclusive

NSW Housing Fix Tips North Sydney into New Era

Vanessa Croll
7 Min
 GemLife site Currumbin Waters EDM
Exclusive

Pop-Out Apartments Power GemLife’s $450m Vertical Experiment

Clare Burnett
6 Min
View All >
Broadbeach 38-40 Australia Avenue DA Approval render hero
Development

Tripling Down on Gold Coast Tower Plans Pays Dividends

Phil Bartsch
Residential

Spyre Wins Approval for ‘Aspirational’ Tugun Luxury Project

Taryn Paris
Traders in purple Northsea Wollongong EDM
Exclusive

Affordable Housing Bonus Drives Mixed-Tenure Momentum

Clare Burnett
NSW's planning changes are sparking growth in projects blending market and affordable homes, but challenges of complexit…
LATEST
Broadbeach 38-40 Australia Avenue DA Approval render hero
Development

Tripling Down on Gold Coast Tower Plans Pays Dividends

Phil Bartsch
2 Min
Residential

Spyre Wins Approval for ‘Aspirational’ Tugun Luxury Project

Taryn Paris
2 Min
Traders in purple Northsea Wollongong EDM
Exclusive

Affordable Housing Bonus Drives Mixed-Tenure Momentum

Clare Burnett
6 Min
Kincrest The Osment Prahran HERO
Development

Kincrest Breaks Ground on its $100m Prahran Luxury Project

Leon Della Bosca
4 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/frasers-plans-2150-lot-release-from-queensland-land-bank