CFMG secure three new residential development sites in Brisbane's North
Queensland’s CFMG Capital group have acquired more than 1,500 allotments, worth over $450 million, across South East Queensland and Melbourne recently, launching three new projects in the start of 2022.
With a gross realisation of more than $100 million, the company’s latest site acquisitions at Park Ridge, Caboolture and Rochedale, will yield more than 320 lots.
Over the last six months, the company has spent more than $60 million acquiring development sites around SEQ and Melbourne.
CFMG Capital General Manager, Andrew Thomson, said the new projects would be underpinned by the continued demand for land in the southeast of Queensland as strong, underlying conditions drive demand.
“Migration to Queensland is approaching the best levels in years, which means strong demand for new house and land in high growth corridors,” Thomson said.
“The market is still struggling to service the demand for new homesites in Queensland, and we expect that to be the situation for most of 2022, particularly in the high growth, affordable corridors.”
The Park Ridge site, which is due to settle in late 2022, borders Koplick Road and will comprise 249 new lots – released as an additional stage to the company’s existing Birchwood project, in March.
“Park Ridge and Logan have been an outstanding market for CFMG Capital, and we have already delivered more than 500 lots in the area, and we think it will continue to be a popular destination for first and second-home buyers,” Thomson added.
CFMG Capital has also completed the acquisition of a 3.1 ha site at Caboolture, on Brisbane’s north, launching the project to market in January. Earmarked for Pumicestone Pocket, it comprises 60 lots ranging in size from 300 to 510 sqm.
The group has also picked up a 3.5 ha rural residential development site at Rochedale, set to deliver 10 super-size homesites. The development is pitched to launch before June, with prices starting from $1.5 million.
The Sovereign Estates project will provide lots with an average 2,000 sqm, developed within close proximity to Mayfair Lane – a project previously completed successfully by CFMG Capital. The three new projects follow the completion of securing more than $20 million worth of new sites across Brisbane’s northern growth corridor, in 2021.