The Australian arm of Chinese development giant Poly Global has secured its first Queensland project site in a $35.25m deal

A Chinese Fortune 500 company has purchased its first Queensland development site with plane for a residential project in one of Brisbane’s most affluent suburbs.

THE Australian arm of a giant Chinese development group has secured its first site in Queensland with plans for a large residential project in one of Brisbane’s affluent inner city suburbs.

Poly Australia, which is part of Poly Global — a Chinese Fortune 500 company — paid $35.25 million for the rare 6ha industrial site at 104 Lamington Ave, Ascot.

JLL’s Elliott O’Shea, who with colleague Sam Byrne secured the deal on behalf of Ellison Properties, said Poly Australia had been waiting for an opportunity to make its mark in Queensland.

“Poly Australia has a great vision for this site, and their presence in Queensland stands to have a broad impact on both the residential and commercial markets moving forward,” he said.

“They will come up with something pretty special They now have an office here and there will be future acquisitions by Poly so it’s the start of something that will be really good to watch.”

Poly Global is a Chinese Fortune 500 company with over 91,000 employees globally and total real estate assets in excess of $141 billion and real estate annual revenue of more than $62 billion.

Poly Australia was launched in Sydney in 2015 and was the first step in Poly Global’s worldwide expansion. It has completed a number of commercial and residential projects in NSW and Victoria.

The Ascot property is bounded by Lamington and Western avenues, Southern Cross Way and the Doomben racecourse.

It once housed WWII hangers and then became a an industrial site with hardstand. Ellison Properties purchased it in 2002 for $4.2 million.

Any development of the property could provide expansive views of the Doomben racecourse and include town homes, terraced houses and apartments.

Mr Byrne said the expressions of interest campaign generated high levels of inquiry from domestic and offshore groups, including those overseas companies that have yet launch projects in Australia.

“We continue to see southeast Queensland’s land subdivision and townhouse markets perform extremely well as international and domestic developers look to build and replenish their pipelines,” he said.