Source: The Courier Mail
A prime 34ha development-ready site at Ripley in the rapidly-growing corridor west of Brisbane is set to bear fruit for its new owner, who is planning a 440-lot residential subdivision.
A RAPIDLY-growing corridor west of Brisbane and ripe for the picking has reaped a fertile deal for a Gold Coast-based residential developer
Privately-owned developer Orchard Property Group has finalised the $11 million acquisition of a prime 34ha development-ready site at Ripley.
In the heart of the Ripley Valley Priority Development Area, Orchard’s latest harvest takes its total pipeline of lots to more than 2000 across five southeast Queensland projects.
The property at 160 Daleys Rd, Ripley, was acquired from a group of investors with existing development approval in place for a new master-planned community with 426 lots.
Orchard is planning to reconfigure the existing approval to increase the yield to 440 lots
ahead of launching the new project in 2020.
The development will be Orchard’s second-largest, following the launch earlier this year of the
650-lot, $120 million Pebble Creek project at South Maclean.
Orchard managing director Brent Hailey said the company had long-held ambitions to acquire a site in the Ripley PDA.
“The Ripley Valley is one of the largest urban growth areas in Australia and will eventually be home to a new city nearly as large as Toowoomba with a population of 120,000 people and
50,000 new homes,” he said.
“The PDA has been incredibly successful since it was declared in 2010 and our expectations are that it will continue to grow for the foreseeable future.”
Orchard has also secured a $7.2 million grant from Economic Development Queensland for a major upgrade of Binnies Rd, Ripley, to not only provide access to their site but a number of properties in the area.
The Ripley sale was brokered by Ray White Special Projects’ Tony Williams and Mark Creevey.
Mr Williams said Orchard had secured a very strategic site after successfully navigating a range of issues to unpack its development potential.
“The property provided one of the few remaining parcels in the Valley which offers scale and with the benefit of negotiating the catalyst infrastructure agreement, Orchard has fast-tracked their entry to the Ripley market,” he said.
Mr Creevey said land parcels with a scale that had approvals already in place were in high
demand throughout South East Queensland.
“The interest levels we’re witnessing for approved development sites are at the highest we’ve
seen in a long time due to the scarcity of quality offerings,” Mr Creevey said.