Rothwell development: Stockland buys into growth precinct

AFTER the popularity of its nearby North Lakes community, Australia’s largest residential developer will add almost 200 lots to its development pipeline.

KEY SITE: Stockland's new 9.2ha site at 159-217 Morris Rd, Rothwell, sits within one of the key Moreton Bay Regional Council growth precincts.

AUSTRALIA’s largest residential developer, Stockland, will add almost 200 lots to its development pipeline after buying a site north of Brisbane for $16.15 million.

The 9.2ha site at 159-217 Morris Rd, Rothwell, sits within one of the key Moreton Bay Regional Council growth precincts.

The ASX-listed company secured the property after a tender campaign run by Savills’ Callum Stenson and Gregory Woods generated more than 150 interested parties and 27 offers.

“The level of inquiry and number of offers received reflects the strong appetite for development land in the Moreton Bay region and surrounds,” Mr Woods said.

Under the Moreton Bay Regional Council Planning Scheme the site is classified as a General Residential Zone, Next Generation Neighbourhood Place Type.

Stockland is proposing to develop a residential community of about 190 lots in varying sizes to appeal to both first-home buyers and downsizers.

The acquisition adds to Stockland’s growing pipeline across the state, with some $3.1 billion in Queensland assets and a further $3 billion to be invested over the next 10 years.

Kingsley Andrew, the Queensland general manager of residential at Stockland, said the purchase was aligned to the company’s strategy to diversify and broaden the reach of its residential business in key growth corridors across Queensland.

“This key site in Rothwell is in an enviable location for customers who want to combine the unique, relaxed lifestyle of bayside living with the convenience of nearby retail, schools, public transport and an easy commute to the Brisbane CBD,” he said.

“Our nearby communities at Newport and North Lakes have been incredibly popular, and we look forward to providing an affordable entry-level market opportunity for people who have been priced out of the fast-growing Redcliffe Peninsula corridor.”

Over the past 12 months, the nation’s largest residential developer has sold more than 4000 lots to first-home buyers.

In Queensland, 46 per cent of purchases in the past year were made by first-home buyers.