Stockland sells off major development land, Ellida Estate at Parkhurst

A 279ha block of land earmarked for a major development has sold to a NSW-based company. Full details here.

Land on William Palfrey Road, Parkhurst.

Rockhampton’s largest piece of residential land primed for development is in the process of being sold.

Stockland has entered a conditional contract with a New South Wales based company for the 279ha block of land, Ellida Estate at Parkhurst.

The sale, expected to be in the multi-millions, is expected to settle in July 2022.

“Stockland can confirm that it has entered into a conditional agreement to sell its landholding, Ellida, located at William Palfrey Road, Parkhurst (Rockhampton),” a Stockland spokesperson said.

Land at 23-27 William Palfrey Road, Parkhurst in Rockhampton. Picture: Aden Stokes

“Settlement of the sale is subject to meeting certain conditions.

“We remain committed to the Rockhampton region through the ongoing operation of the Stockland Rockhampton Town Centre.”

Australia construction material, equipment and services company, MAAS Group Holdings (MGH), that is based in Dubbo, NSW, entered the sale agreement in March.

MGH has large, long-term residential developments in New South Wales with its Dubbo Southlakes Estate (1800 lots) and Tamworth Arcadia Estate (1400 lots) and other smaller estates in Orange, Griffith, Lithgow, Bathurst and Mudgee.

Plans for the Ellida Estate.

The sale would represent the company’s first expansion in the Central Queensland market.

An ASX announcement was published by MGH on the real estate acquisition.

The announcement states the site is situated in a “major growth urban area” and “represents the largest single residential land holding in the region”.

The proposed master plan for the Ellida Estate development includes 2,300 allotments in eight stages, with lots ranging from 420 sqm to 704 sqm.

Ellida Estate is 279ha and is the region's largest single land holding.

Plans also include suburban subdivisions, medium density residential, a neighbourhood commercial precinct and recreational parklands.

The project will provide the company with a development pipeline of more than 14 years.

“This is a strategic acquisition for us in a high growth regional location. With an established presence in the region, through our construction materials and civil and construction hire segments, we are well positioned to leverage our integrated model for this development and participate in upcoming major infrastructure projects,” MGH managing director and CEO Wes Maas said in the ASX announcement.

The estate is described as “setting a new lifestyle benchmark for Rockhampton”.

The first three stages of Ellida Estate have been approved.

Stockland has owned the residential land since 2010, when it purchased it for $10.9 million.

The shopping centre giant revealed plans in 2010 for the $575 million residential estate.

The first three stages were approved by council in 2018 and have extended approval until 2026.

The site was previously owned by the Synod of the Diocese of Rockhampton for two years from 2005 to 2007.

The land was listed for sale in an expressions of interest in September 2021.

A figure could not be disclosed for the sale price MGH has entered into.

MGH state detailed construction delivery planning is expected to begin in the 2023 financial year.