Villa World to build 1500 homes on $50m Brisbane site
Listed developer Villa World and its Sydney-based partner Greenfields Development Company have purchased a 153ha development site south of Brisbane for $50 million, with plans to build 1500 homes.
Part of the site at Greenback, 34km south of the Brisbane CBD, has been approved for 1000 residential lots. After the acquisition, the new joint venture partners will seek approval for 1500 lots for the full site with home lots ranging from 300sqm to 2000sqm.
The project is an “excellent fit” for Villa World’s ability to create properties at an affordable budget, says managing director Craig Treasure.
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“The Greenbank site is one of the most substantial residential land parcels in Southeast Queensland,” he says.
Greenbank will be developed into a vibrant community
“Logan is one of the largest and fastest growing cities in Australia, and has been identified as one of the top 10 best locations for property investors seeking capital growth.”
The site was purchased from Teviot Downs Estate through a marketing campaign by Tony Williams and Mark Creevey from Ray White Special Projects.
The joint venture follows another partnership agreement with Greenfields, which will see Villa World re-enter the NSW market to deliver an initial 90 homes in Sydney’s southwest.
“We are pleased to be diversifying into Queensland in partnership with proven residential developer Villa World,” says Greenfields chairman Tony Perich.
“Greenbank will be developed into a vibrant community.”
This article originally appeared on www.theaustralian.com.au/property.
