Mirvac buys two Brisbane development sites for $18.6 million

Property developer Mirvac has acquired two new residential development sites in Brisbane.

Its $18.6 million outlay is part of its efforts to increase its footprint in Queensland.

The developer recently settled a site in Arana Hills site (above) on Plucks Road for $5.35 million.

The deal was negotiated by Colliers International's Adam Rubie and Brendan Hogan.

Earlier this year, the listed property group acquired a six-hectare parcel at Ashmore Street in Everton Park for $13.25 million, in a deal brokered by Ray White's Matthew Fritzsche and Andrew Burke.

It is in the process of obtaining development approval for the sites which will together deliver about 220 new homes.

At the Arana Hills development, Mirvac plans 77 three and four bedroom townhomes along with three homesites at Arana Hills. The leafy development will boast elevated aspects to nearby green corridors, and a recreation area with a pool.

The planned development at Everton Park will feature 139 lots, including 54 homesites and 85 three and four-bedroom townhomes.

The proposal also includes exclusive resident facilities with a pool and recreation centre and the retention and restoration of a heritage Queensland home, located at the community's entrance.

Mirvac Queensland Residential general manager, Warwick Bible, said the proposed projects at Arana Hills and Everton Park complemented Mirvac's fast-growing portfolio of residential communities in Queensland.

"We are actively pursuing opportunities and progressing projects in key growth precincts across south-east Queensland and see Brisbane's middle suburban ring as a prime location," he said.

"Everton Park is a suburb we know well, having completed and sold-out of our $30 million Greystone Terraces community late last year (2016), with all 56 homes purchased within 18 months,” he added.

"Demand for homesites and townhomes in this precinct remains extremely strong and we believe these planned new developments will also be well received."

Launches are expected in 2018, pending approval from the Council.

Bible said the proposed projects continue Mirvac's vision for Brisbane's middle suburban ring, with the developer moving forward with plans for a 133-homesite community on a site at Rochedale, which it acquired earlier this year.

The announcement of the new projects also comes on the back of the developer receiving state government approval for a new community at Greenbank in the Greater Flagstone Priority Development Area.  

Located about 30 kilometres south-west of the Brisbane CBD, Mirvac will deliver approximately 3,300 residential homesites and community facilities including a state primary school, neighbourhood retail centre and community health centre on the Greenbank site.

The launch is expected in 2018.

While Mirvac gears up to launch the new projects in 2018, it is also continuing to deliver its well-established Gainsborough Greens community at Pimpama, in the corridor between Brisbane and the Gold Coast.

Bible said Gainsborough Greens was one of the fastest-selling projects in Queensland, with 307 lots totalling over $75 million settled since January.

Mirvac said it achieved a record high lot settlements for the year ending June 30, while maintaining less than 2 per cent defaults. 

The developer’s 3,311 lot settlements was 17 per cent higher than last year. It secured $2.7 billion in residential pre-sales.