Azure plans 230 townhomes at new Rothwell, Moreton Bay site
Brisbane-based townhouse developer Azure Development Group is continuing its push for delivering a more affordable housing product in Brisbane's fringe areas.
They've secured a 4.5 hectare infill site at 499-507 Anzac Avenue in Rothwell in the Moreton Bay LGA, paying $20.1 million.
Azure, who have a development pipeline of $1.5 billion over the next five years in South East Queensland are planning around 230 townhouses, which will add to their three current projects in Rothwell. The project will have a mix of three and four-bedroom terrace homes. Azure is also considering a two-bedroom product to make their offering even more diverse.
Azure’s portfolio is tackling demand at both ends of the market - from downsizers looking for premium stock in Brisbane’s inner city to more price pointed housing in the key fringe growth precincts.
They have an active portfolio of seven developments, including two luxury apartment projects in inner Brisbane - One Earle Lane at Toowong which is approaching a sellout and One Five Six by Azure at New Farm, which set a price record for the inner city in 2022 with its $11.4 million penthouse sale.
Azure’s Acquisition Director Chris Schroor says the acquisition of the Rothwell site builds on the company’s strategy of townhouse developments to meet the growing demand for affordable housing.
“We’re bullish about townhouses and we’re doubling down on our strategy through this acquisition,” Schroor said.
“We currently have three townhouse projects on the northern side of Brisbane, so this will add to that strategy.
“However, in order to meet the affordability criteria, we’re finding that we have to move further out of the Brisbane metropolitan area. Any offerings that we can deliver below $800,000 are selling quite strongly.”
In August, Azure launched the $55 million Munro by Azure which comprises 100 terrace homes in a gated estate located at Bundamba in Ipswich. The sold-out development offered three-bedroom, two-bathroom terrace homes for between $545,000 and $557,000 each.
“Our plans for Rothwell are similar to the Munro project, although it will be stronger from a price point considering the location,” Schroor added.
“It’s important to secure sites such as this that can deliver projects of scale to ensure we can meet the price points where the market dominates at present.”
Azure already has two other Ipswich projects in train – the $50 million Seasons by Azure, comprising 68 terrace homes in the Brookwater enclave in Springfield which is due for completion in December, and a proposed 129-lot project at Flinders View which is still in the planning stages.
Schroor says there's been confidence from all sector of the market, which he says has well and truly returned.
“We’ve had strong sales in the second half, with Munro selling out and the Northlakes development selling strongly.”
The Rothwell project joins Azure’s existing Brisbane northside projects of The Terraces by Azure, a 53-townhouse development at Mango Hill set for completion in January, and Willow by Azure at Northlakes which comprises 76 terrace homes that are priced from $699,900.