A $9.92-million land acquisition in a South-East Queensland’s Waraba growth corridor has bolstered the residential pipeline of the area.
Orchard Property Group has acquired a 9.36ha site at 75 Bells Lane, Bellmere, off-market in a deal brokered by Ray White Special Projects Queensland.
A development application for a 124-lot subdivision has been filed for the site that adjoins a 178ha parcel recently acquired by CFMG for $50 million.
Ray White Special Projects Queensland director Matthew Fritzsche said the acquisition demonstrated ongoing demand for well-located land amenable to development within the region’s major growth corridors.
“We are seeing sustained interest from buyer groups seeking to secure opportunities in the face of limited land supply and ongoing population growth across the Moreton Bay region,” Fritzsche said.
The Waraba Priority Development Area, formerly Caboolture West, was declared in August of last year and is being touted as Queensland’s newest city. The state government projects up to 30,000 homes across different typologies for 70,000 residents under the scheme.
South-East Queensland specialist Orchard is developing a 266-lot project, dubbed Aire, near the Waraba site, as well as the 133-lot Lilywood development.
Its Moreton Bay region portfolio also includes the 23-lot Greenvue project and the 106-lot Junction project at Narangba.
Developers including AVID Property Group, Baycrown Property Group, and Lennium Group are also pursuing deals and projects in the region.
Lennium was the first to begin works, breaking ground on a 70ha site at Lilywood in February 2024. The first residents moved into that project in July.
Stockland this year broke ground on a $573-million, 175ha site at Waraba. More than 2000 homes are planned.
