Villawood Expands In Queensland

Villawood adds $415m of projects to Queensland residential pipeline

Jul 11, 2022 – 4.38pm

Victorian-based developer Villawood Properties has added more than $400 million of housing projects to its Queensland business after acquiring sites in Greater Brisbane, Scenic Rim and near Cairns.

The three deals follow the private developer emerging as the frontrunner to take the reins of the $500 million redevelopment of Adelaide’s Morphettville Racecourse,

Chief executive Alan Miller said geographic expansion was a key focus for Villawood following its move into South Australia last year.

“We already had a fairly good presence in Queensland, and now we have shored that up with these new deals,” Mr Miller told The Australian Financial Review.

“We’re very confident about the Queensland market and have bought these sites in strategic locations.

“The supply of developable land across Queensland dwindles yet the demand for housing rises,” he said.

The biggest of Villawood’s three acquisitions is an 83-hectare site on Mt Lindesay Highway in Gleneagle, near Beaudesert in the Scenic Rim region west of the Gold Coast.

The Gleneagle site acquired by Villawood Properties will support 600 lots.

Here Villawood intends to develop a $155 million housing estate with more than 600 lots. Property records show the developer paid just $4.9 million for the land.

“Beaudesert is the gateway to the Scenic Rim, which recently made the Lonely Planet’s top ten destinations to visit in 2022,” Mr Miller said.

On the corner of Kidd Street and Serpentine Creek Road in Southern Redland Bay – about 46 kilometres south-east of Brisbane – Villawood has lodged a development application for a $90 million master-planned residential community across an 18 hectare site.

The site will accommodate a maximum of 260 residential dwellings.

“The state government has identified Redland Bay as a priority growth area to address issues related to limited land supply and lack of housing affordability,” said Mr Miller.

Lastly, Villawood has ventured to Queensland’s tropical north to acquire a 40 per cent stake in a 19.58-hectare site overlooking the Coral Sea at Trinity Park, north of Cairns.

Known as Half Moon Bay, the site will be developed into beachfront residences as part of a $170 million project.

Villawood acquired its 40 per cent stake from the site’s former joint owner Ausecurities – a company associated with Melbourne-based developer Chris Hampton.

The remaining 60 per cent has been retained by Gasparin Developments and Gasparin Holdings, led by Adelaide-based developer Frank Gasparin.

Alongside these three acquisitions, Gold Coast-based developer Alder Developments has acquired a 24-hectare parcel of land, known as Airlie Summit at Airlie Beach in the Whitsunday Region.

The elevated site on Seaview Drive sold with development approval for the creation of 89 new residential lots, including two super lots suitable for higher density apartments.

“There is considerable demand for new housing in the region with a significant shortfall in the availability of rental and owner-occupier properties alike,” said Greg Tupicoff, Alder Development’s general manager.

Alder Developments was founded by Greg Alder, who established Alder Construction in 2003.

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Larry Schlesinger writes on real estate, specialising in commercial and residential property. Larry is based in our Melbourne newsroom. Connect with Larry on Twitter. Email Larry at larry.schlesinger@afr.com