SUNLAND ACQUIRES CHAPEL HILL SITE FOR $5.9 MILLION

SUNLAND ACQUIRES CHAPEL HILL SITE FOR $5.9 MILLION

SUNLAND Group (ASX: SDG) has acquired a 2.29 hectare site in the Brisbane suburb of Chapel Hill, seven kilometres west of the CBD, for almost $6 million.

The site on Kirkdale Road is positioned between two idyllic parklands and has a natural waterway running through it.

The land has existing development approval for 33 homes, with nearly one of the 2.29 hectares dedicated to open green space.

Sunland Managing Director Sahba Abedian says the land will host boutique residential development with an estimated value of $30 million, comprising a mix of three and four bedroom residences which embrace their location.

"This latest acquisition is in line with our strategy of identifying premium sites within established, high-growth areas, with access to considerable natural and built amenity," says Abedian.

"The homes will cater specifically to the owner-occupier market to deliver the high level of amenity, finishes, and quality craftsmanship sought by this segment."

The land is in the area of the Chapel Hill State School, local parks, Mt Coot-Tha reserve, Kenmore Plaza, Kenmore Village Shopping Centre, and the Western Freeway.

Construction is set to commence in the first half of 2018, and should be completed during the second half of 2019.

Sunland's total portfolio now comprises 5,600 residential housing, land, and multi-storey products along Australia's east coast with a value of $3.9 billion.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

DG Institute to pay out almost $20m for misleading students, Grubisa banned from managing companies

DG Institute to pay out almost $20m for misleading students, Grubisa banned from managing companies

A Sydney real estate and wealth education provider has been ordered...

Valuations hit $5.8 billion for Australian crowdfunded startups

Valuations hit $5.8 billion for Australian crowdfunded startups

The latest crowd-sourced funding (CSF) report released by market le...

Cash Converters emboldened by circular economy as revenue rises 26pc

Cash Converters emboldened by circular economy as revenue rises 26pc

Cost-of-living pressures and circular economy trends appear to have...

One small update brought down millions of IT systems around the world. It’s a timely warning

One small update brought down millions of IT systems around the world. It’s a timely warning

This weekend’s global IT outage caused by a software update g...