The company which bought an 84-acre property in the Ripley Priority Development Area for $11 million has revealed its plans for the prime site.
Orchard Property Group purchased the property at 160 Daleys Road, completing settlement of the purchase in August.
The site includes an existing development approval for a new masterplanned community with 426 lots.
Orchard Property Group wants to reconfigure the existing approval to increase the number of lots to 440 and launch the development in 2020.
Orchard Property Group managing director Brent Hailey said the company had long-held ambitions to acquire a site in the Ripley Priority Development Area.
“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 Priority Development Area has been incredibly successful since it was declared in 2010 and our expectations are that it will continue to grow for the foreseeable future.”
Ray White Special Projects director Tony Williams and Orchard Property Group managing director Brent Hailey at the Ripley site.
In a boost for the group’s development plans, more than $7 million in Catalyst Infrastructure Program funding was recently secured from Economic Development Queensland.
It allows for a major upgrade of Binnies Road, Ripley to improve access to the development site as well as several properties at the western end of the Ripley Priority Development Area.
Construction on the new road is expected to begin by the end of the year, with Orchard Property Group planning to start marketing its development in early 2020.
The new project will be Orchard’s second largest, following the launch earlier this year of a 650-lot, $120 million development at South Maclean in Logan City.
“There is plenty of competition but with the right product, in the right place and continued steady population growth in the south east, the fundamentals of the land market remain quite strong,” Mr Hailey said.
“As with all our products, we will be focused on creating a vibrant place to live by providing exceptional amenity, connectivity and urban design.”
Ray White Special Projects’ Tony Williams, who together with Mark Creevey negotiated the sale, said the site held strategic value.
“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 have fast tracked their entry to the Ripley market,” Mr White said.