Frasers Property Australia has expanded its holdings in south-east Brisbane by acquiring a 5.4 hectare site from Cobbity Farm Bakeries Pty Ltd, for $27,750,000.
Situated at 179-193 Fursden Road, Carina, the site is in the middle ring eastern corridor and is approximately eight kilometres from the Brisbane CBD.
Frasers Property plans to develop the land parcel, currently occupied by Cobbity Farm’s former bakery, into a masterplanned community comprising traditional housing lots as well as terrace homes and townhouses.
Cameron Leggatt, General Manager Residential Queensland for Frasers Property Australia, said the site purchase offered a rare infill development opportunity in a strong middle ring suburb of Brisbane.
“Carina is a well-established suburb, supported by extensive urban infrastructure, including transport, schools and shopping with the Westfield Carindale regional centre nearby,” Mr Leggatt said.
“This site provides a strategic opportunity for Frasers Property to bring to the market a suite of new products in an inner-city area that has been largely fully developed for more than two decades.
“It’s rare to secure a site of this scale in an area so close to the city and where demand for quality housing is so strong.”
Frasers Property is no stranger to Brisbane’s booming eastern suburbs after reigniting Coorparoo’s retail and residential heart with the highly successful Coorparoo Square mixed-use development which has been recently completed, and before that Solito at Carindale.
Mr Leggatt said the middle ring of Brisbane, and more particularly Carina, is a highly desirable location with high barriers to entry.
“This acquisition gives Frasers Property a unique opportunity to develop a combination of land, terrace home, and townhouse products in a suburb with excellent fundamentals.”
The masterplan will include community amenities and parkland.
The site is adjacent to extensive natural amenity in Minnippi Parklands and Bulimba Creek’s canoe trail and bike path.
To the north the site will overlook the future Minnippi golf course, which is expected to be completed by the end of 2018.
The site is well connected by a variety of transport options, and is currently serviced by bus routes along Creek Road and Meadowsland Road. The Gateway Motorway, broader south-east Queensland motorway network and Brisbane Airport is easily accessible.
The property was marketed via an Expressions of Interest campaign by Brendan Hogan and Adam Rubie of Colliers International.
“We received exceptional interest from the market given the quality of the offering. Groups were drawn to this site on the back of the ability to create a premium residential offering, complimentary to the low-medium density nature of the locality.” Mr Hogan said.
For more on Frasers Property, please visit www.frasersproperty.com.au.