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GOLD Coast property developer Villa World plans to push another 700 residential lots through its south-east Queensland development pipeline following a $32 million site acquisition at Logan Reserve.
The unconditional deal marks a long-term view by Villa World of the growth potential in its home market with the proposed offering to be rolled out over 15 stages, likely to take longer than Villa World's preferred short-term development timeframe.
However, the company's annual sales are now tracking at more than 1000 lots, meaning that this single project represents less than a year of Villa World's current sales. The first lots at Logan Reserve are scheduled to be released in early 2017.
The acquisition comprises seven adjoining lots in Logan City, on Brisbane's southern corridor where Villa World is currently undertaking an 81-lot project, The Sanctuary, at Waterford.
Villa World CEO Craig Treasure (pictured) says the Logan Reserve project will deliver 726 lots, with plans to market house-and-land packages from under $400,000.
The latest deal comes on the heels of a $30.6 million acquisition at Arundel on the Gold Coast where Villa World plans to produce 484 lots.
Treasure has previously indicated Villa World's focus on short-term projects was aimed at minimising risk. However, this latest deal indicates a more confident view by the company of the south-east Queensland market.
"Restocking our development pipeline has been a continuing priority," says Treasure.
"We're very pleased to be adding more than 700 lots through this single acquisition which is part of our forecast expenditure of $145-$160 million during this financial year."
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