Vision for new 570-lot neighbourhood
A VACANT landholding owned by the same family for more than 50 years is set to be transformed into a sprawling neighbourhood of more than 500 homes.
The large property spanning 48.76ha in the rapidly growing corridor west of Brisbane has changed hands in a $14.5 million deal.
It is the first acquisition and foray into the thriving Ripley Valley by HB Land.
The subsidiary of listed Singaporean property group Ho Bee Land is finalising a development application with plans for about 570 residential lots to be developed over 18 stages.
Chief executive officer Michael Vinodolac said the land parcel offered an exciting opportunity to acquire a strategically located development site in the fast-growing western corridor.
"HB Land has an appetite for site acquisitions or joint venture opportunities and are actively seeking to purchase residential development land in the growth areas of southeast Queensland, Melbourne and New South Wales," he said.
Mark Creevey and Tony Williams of Ray White Special Projects Qld were engaged as a buyer's agents to assist with the acquisition of land at 357 Ripley Rd, Ripley.
Mr Creevey said the land had been held by the same family for over 50 years and its sale price equated to $297,351 per hectare.
"The site was designated for residential development with a strategic position at the very northern end of the Ripley Valley, directly opposite the Hayfield Estate by Goldfields, and the Caltex/McDonald's service centre," he said.
"The transaction required the purchaser to subdivide the land to create a super lot of 5ha* for commercial and medium density residential uses which will be retained by the seller and their joint venture partner."
Mr Williams said HB Land's proposed development includes the delivery of significant community infrastructure, including 5047sq m of parkland as well as an additional 3.6ha environmental park and 5.1ha sports park.
"HB Land has worked closely with the Ipswich City Council and Economic Development Queensland on the DA application, which is yet to be finalised," he said.
Ripley Valley is planned to become one of Australia's largest masterplanned communities with a proposed population of 120,000 people.
Originally published as Vision for new 570-lot neighbourhood