A 181-hectare development site just south of the Sunshine Coast has changed hands in one of South-East Queensland’s largest property transactions.
The mixed-use area by the Bruce Highway at Elimbah was sold for $318.5 million.
The site – at Pumicestone Road, Rutters Road and Clinker Road – was acquired by HB Land, a Singaporean-based, locally-operated development group, which intends to deliver the project in accordance with its existing development approvals.
The holding is slated for a major master-planned community, comprising up to 1400 residential lots, with development approval already in place for the first 288 lots, alongside 25.58 hectares of mixed industry and business land and 26.346 hectares of industrial-zoned land.
The site was offered to the market via an expressions of interest campaign, managed by Tony Williams, Mark Creevey and Matthew Fritzsche from Ray White Special Projects Queensland and Morgan Ruig and Mitch Taulelei Cushman & Wakefield, on behalf of Melbourne development group Goldfields.
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The campaign attracted 261 enquiries and 16 formal offers over a five-week marketing period. The mixed use nature of the site attracted interest from residential and industrial development groups.
“HB Land has a clear strategy to move quickly,” Mr Williams said.
“Works will commence as soon as practicable to deliver much-needed housing and employment land to the market.”
He said the residential scale, approvals and infrastructure delivery were key drivers of buyer interest.
“With approvals already secured for the initial stages and the ability to ultimately deliver up to 1400 homes, the project is exceptionally well positioned to address ongoing housing demand in one of South-East Queensland’s strongest growth corridors,” he said.
“Importantly, the seller’s commitment to deliver major external trunk infrastructure meant buyers could acquire a fully-serviced development opportunity significantly reducing delivery risk and accelerating the pathway to bringing new housing stock to market.”
The site is federal Environment Protection and Biodiversity Conservation Act confirmed as ‘Not a Controlled Action’ and is largely cleared, flat to gently undulating, providing strong development efficiency. Infrastructure agreements are executed with Moreton Bay Regional Council and Unitywater, with the seller to deliver external water, sewer and the Pumicestone Road Phase 1 upgrade. Trunk servicing works are expected to be completed by early 2027.
The industrial and employment land component proved equally compelling, according to Morgan Ruig, of Cushman & Wakefield.
“Industrial land of this scale, approval status and proximity to the Bruce Highway is exceptionally scarce in the Moreton Bay corridor,” he said.
“The combination of general industrial zoning, MIBA land and an approved service centre within one integrated estate created a compelling long-term employment and logistics proposition.”
“With strong demand fundamentals and limited competing supply, the industrial component was a critical element of the project’s overall value and future success.”
