Peet sells 250ha site at New Beith in SEQ to Frasers Property Group for $80m

A major developer has bought a 250ha parcel of land south of Brisbane for $80, with plans to turn it into a mega subdivision.

West Australian-based developer Peet Limited has sold a large broadacre site in South East Queensland as part of a management strategy for its extensive land bank.

The ASX-listed company sold the 250ha undeveloped land parcel at New Beith in the Logan City Council region south of Brisbane for about $80m (inclusive of GST).

The sale is unconditional and is expected to settle in the first half of 2022/23.

Industry sources say the site was bought by Frasers Property Goup with plans for a major subdivision. Frasers did not comment.

The property is near Peet’s $6.7bn Flagstone City project.

Peet managing director Brendan Gore said the sale highlighted the company’s ongoing focus on appropriately managing its significant land bank

“Peet purchased the land in New Beith over a decade ago with the intention of developing into a new community.” he said.

“After a competitive sales process, the site sold to a buyer for an 83 per cent premium to book value.

“With Peet’s significant national portfolio and pipeline, along with recent acquisitions of the University of Canberra and the balance of the Flagstone project, the sale of New Beith allows Peet to redirect capital into other projects and markets to deliver on our strategy, including the growth of built form.”

An aerial of Peet Ltd 250ha broadacre site on Olson Rd, New Beith.

The property was sold by Ray White Special Projects directors Tony Williams and Mark Creevey and Andrew Egan from Biggin & Scott Land.

Mr Williams said it was a “highly competitive sale process”.

At the end of last year Peet Limited announced that it will acquire its joint venture partner Spirit Super’s 50 per cent shareholding within one of Australia’s largest masterplanned satellite cities for $46.15m.

The acquisition would give Peet 100 per cent ownership of the more than 10,500 remaining lots with a gross development value of about $3.4bn in the Flagstone City project, between Brisbane and the Gold Coast.

Also in December Peet acquired about 15ha of land from the University of Canberra for about $67m that has an estimated gross sales value of more than $1bn.

At the time Mr Gore said Peet currently had a land bank of about 45,000 lots across Australia.

“What we’ve changed over the last seven years is a move into the built form outcome – town homes and low-rise apartments,” he said.

asterplanned community and the built form outcomes that come with that as well.”

Peet shares closed up 4.5 per cent at $1.14 on Thursday.

Originally published as Peet sells 250ha site at New Beith in SEQ to Frasers Property Group for $80m