CFMG Capital has paid $10m for a site next to its Middleton Park subdivision in Logan Reserve, increasing its available lots from 156 to 336

A developer has more than doubled the size of its Logan Reservee subdivision with the purchase of a neighbouring 10ha site.

A RESIDENTIAL estate developer has increased its exposure to the burgeoning Brisbane-to-Gold Coast development corridor with the acquisition of site next to its current project at Logan Reserve.

Diversified property group CFMG Capital paid $10 million for a 10.35ha site at School Rd, which will bump up its yield from its existing Middleton Park development from 150 to 336 lots.

Golden Gate Property has amalgamated nine rural holdings in Park Ridge for its $135m 600-lot Carver’s Reach community

Park Ridge reborn

Together with two other projects (Solander and Birchwood) at Park Ridge, CFMG Capital now has more than 600 lots in its pipeline in the Logan growth precinct.

CFMG Capital general manager Andrew Thomson said the acquisition provided the opportunity to scale its Middleton Park project and expand its exposure to the Logan growth area.

“We’re very confident about the Queensland market, particularly the Brisbane-to-Gold Coast corridor,” he said.

“Having an established project and brand in the market, a sales office in place and construction of early stages complete it made sense to take this opportunity to expand the project.”

The Middleton Park subdivision currently offers land from $179,000 and house and land packages from $369,500.

CFMG Capital now has a pipeline of more than 1000 lots across 10 different projects in Queensland and Victoria.