Property developer Sunland Group has recently bought a 3.26-hectare site in Kenmore for $13.1 million for its plan to build 96 four-bedroom terrace homes.
The developer has received development approval for the residential project to be constructed on the site comprising 2178 to 2190 Moggill Road and 19 Wyndarra Street. The estimated end value is placed at $65 million.
In a press release, Sunland Group Managing Director, Sahba Abedian said the acquisition aligns with the Group’s strategy to identify premium sites within established, high-growth areas, with access to considerable natural and built amenity.
“Our design approach will continue to cater primarily to the owner-occupier market to deliver the high level of amenity, finishes, and quality craftsmanship sought by this segment,” Mr Abedian said.
The site offers a prime location as it is directly opposite Kenmore’s Park n Ride bus stop and minutes away from local schools, shopping centres, and local parks. It also includes more than 3,100 sqm of preserved bushland along Moggill Road.
Construction of the development is expected to commence during the first half of 2019.
Sunland’s Brisbane portfolio now includes its recently-completed Abian residential tower in the Brisbane CBD and Shea Residences in St Lucia.
Sunland has also launched one of its most recent projects in April 2018. The Hills Residences in Everton Hills, which is a parkland community includes 91 terrace homes. Later this year, the Group is set to launch Kirkdale Residences in Chapel Hill.