The new site joins the group’s 12 other communities across Queensland
AVID Property Group has purchased a 41ha site north of Brisbane from ASX-listed company CSR.
The former Warner quarry is expected to provide 400 residential blocks with construction to begin in 2023.
Colliers sold the site for about $30 million.
The 107-109 Kremzow Road site joins the group’s 12 other residential communities in Queensland.
Avid has delivered $2.6 billion worth of projects over the past 13 years, with its current portfolio including more than 14,300 residential blocks with a gross revenue pipeline of $4.9 billion.
With 38 projects across the eastern seaboard, AVID has a diverse mix of developments, including masterplanned communities, completed homes and apartments.
AVID general manager Queensland Bruce Harper said the new site strengthened its Queensland portfolio and ongoing pipeline of land in the region.
“We’ve had considerable success in the Moreton Bay region, with three of AVID’s communities in the area selling out this year – more than six months ahead of their anticipated timeframe – a clear indication that this region is highly sought after and supply constrained,” Mr Harper said.
“The region is recognised as one of South East Queensland’s strongest growth areas and provides home buyers with excellent connection to major transport networks, an array of employment opportunities and a number of education options.
“Home buyers are beginning to realise there is no longer a need to pay top dollar for a tiny block on the fringe of Brisbane’s CBD and can instead live in the outer suburbs and have a better lifestyle, a modern and new home, and still be connected to work, schools, shopping and entertainment.
Avid chief executive Cameron Holt said the acquisition formed part of AVID’s ambitious growth strategy and aligned with the business’ core focus of operating in key growth corridors across Australia’s eastern seaboard.
“We’ve made no secret of our appetite for growth and this site strengthens our future pipeline in what is a supply constrained market,” Mr Holt said.
Article Source: www.urban.com.au