Frasers Property Australia cooks up masterplan in Carina

A PROPERTY developer will deliver a brand new masterplanned community in a surprising southeast Brisbane location after buying a rare infill land parcel just eight kilometres from the CBD.

The Cobbity Farm Bakeries property at 179-193 Fursden Rd, Carina, which has been bought by Frasers Property Australia.

FRASERS Property Australia will develop a masterplanned community in southeast Brisbane after buying a rare infill land parcel.

The company paid $27.75 million for a 5.4ha site at 179-193 Fursden Rd, Carina, from Cobbity Farm Bakeries, which had owned the property since 1983.

Frasers’ general manager residential Queensland Cameron Leggatt said the site offered a rare opportunity in a strong middle-ring suburb, just 8km from the Brisbane CBD.

“Carina is a well-established suburb, supported by extensive urban infrastructure, including transport, schools and shopping with the Westfield Carindale regional centre nearby,” he 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 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.

Mr Leggatt said the middle ring of Brisbane, and more particularly Carina, was 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,” he said.

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 property was marketed via an expressions of interest campaign by Colliers International’s Brendan Hogan and Adam Rubie.

“We received exceptional interest from the market, given the quality of the offering,” Mr Hogan said.

“Groups were drawn to this site on the back of the ability to create a premium residential offering, complementary to the low-medium density nature of the locality.”