Originally published on The Urban Developer
Maha Sinnathamby’s Springfield City Group is seeking a joint venture partnership to develop an infill residential project in Brookwater, about 25 kilometres south of Brisbane.
The 133-141 and 143-163 Brookwater Drive property spans a 3.7-hectare site, located within the Brookwater Golf Course and residential estate.
The land parcel is situated within the approved Brookwater urban village precinct plan, and more broadly within the Greater Springfield masterplanned development area, the brainchild of billionaire developer Sinnathamby.
Under the precinct plan the site has a development height limit of two and three-storeys, and is designated as both “community residential”, and “open space”.
Marketing materials say the site offers a range of uses including townhouse, terrace, apartment, accommodation, short term accommodation, hotel or resort opportunities, subject to council approval.
Springfield City Group is seeking a joint venture partnership to develop a site at 133-141 and 143-163 Brookwater Drive.
Ray White Special Projects directors Mark Creevey and Tony Williams are helming the expressions of interest campaign.
“The elevated site has 430 metres of direct frontage to the ninth and 18th holes of one of Queensland’s best championship golf courses,” Creevey said.
Earlier this year, Sinnathamby tapped investment bank Moelis Australia to find a development partner to “turbocharge” the Springfield city project, which is currently only 25 per cent completed.
The privately-developed city has a potential end value of $88 billion.
At least $18 billion dollars has already been invested, with a further $70 billion needed to fully realise the masterplan.
Eighty-year-old Sinnathamby purchased the 2860-hectare site for $8 million in 1992.
Together with business partner Bob Sharpless, the developer has since transformed the once barren Ipswich site into a master-planned city, comprising housing estates, a health precinct, Mirvac’s Orion shopping centre, parkland and office towers.
Springfield has a current population of 45,000, which it expects to grow to 80,000 by 2030.
Privately-owned ADCO Constructions started construction on the new $44 million Springfield Central station parking upgrade this week.
The new multi-level facility, announced by the state government earlier this year, is located at the corner of the Centenary Highway off-ramp and Springfield Greenbank Arterial Road.
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