CFMG Capital have now completed the acquisition of the 6.4ha site that will become Lomandra Park, Bridgeman Downs. The site was contractually secured in 2017 and after a development application process during 2018, the $37million development was approved by Brisbane City Council prior to Christmas, allowing CFMG Capital to commence the settlement process.
The site comprises 5 separate lots, with the purchase negotiated by the CFMG Capital team off market and directly with the vendors. CFMG Capital have already undertaken significant steps to be able to immediately commence the project with a pre-sales campaign launched in 2018 aiming to capitalise on the growing demand for large residential lots within a 15km radius of the CBD.
This completed acquisition extends CFMG Capital’s forward pipeline of projects to an end value in excess of $250million, with the team looking to identify further opportunities during 2019.
General Manager Andrew Thomson said the site on Graham Road, Bridgeman Downs was a rare commodity enabling the business to deliver larger than average allotments in a central location at a comparably affordable price.
“Quality land close to the city is a rare commodity, not just in Brisbane but across most capital cities, and one thing we know is it’s only getting more and more valuable. We will be delivering an average lot size in excess of 550m2 for an average price of just $485,000 all within 12km of a major capital CBD, less than 12km from a domestic and international airport and 40 minutes drive from spectacular beaches.
When speaking with investors in our CFMG Land & Opportunity Fund based in Melbourne or Sydney, the reaction is pure disbelief at the affordability of vacant and ready to build land in such close proximity to a major capital” Mr Thomson said.
