Peet sells Queensland farmland for $80m

Western Australia-based developer Peet has sold a 250-hectare parcel of land south-east of Brisbane for $80 million, shelving its intentions to develop the site.

The ASX-listed company agreed to sell the land at New Beith, 40km south of Brisbane, to Frasers Property.

The unconditional sale is expected to be finalised in the first half of 2023 and follows Peet’s recent acquisition of a 50 per cent shareholding of Queensland’s Flagstone City Project.

Peet managing director Brendan Gore said the land was not part of Peet’s short- to medium-term development program.

“Peet purchased the land in New Beith over a decade ago with the intention of developing into a new community,” he said.

“After a competitive sales process, the site sold to a buyer for an 83 per cent premium to book value.”

Mr Gore added that the sale of New Beith allowed Peet to redirect capital into other projects and markets to deliver on its strategy, including the growth of built form.

Peet’s shares lifted 4 per cent to $1.14 at the time of writing.