Satterley Property Group has bolstered its Queensland portfolio with a 63-hectare acquisition in Ripley Valley, around 33 kilometres south-west of Brisbane.
Perth’s largest privately owned developer expects the land to yield around 850 lots, divided into four precincts set among landscaped parks and public open space.
Chief executive Nigel Satterley said the acquisition, the price of which was not disclosed, was part of the group’s long-running strategy to invest in fast-growing eastern states markets.
“We have had success in the Melbourne market and it’s now the right time in the property cycle to expand and venture north into South East Queensland,” Mr Satterley said.
“Our company’s acquisition strategy is sensible – we target growth corridors close to employment areas, transport links and shopping precincts.”
Satterley’s Ripley Valley estate will be its second large-scale development in Queensland, following its $500 million, 2,500-lot Mt Peter estate near Cairns, which it launched in 2015.
Ripley Valley has been a focus of the Queensland state government since 2010, when it identified an area of 4,680ha close to the Ipswich CBD as a priority development area.
The entire Ripley Valley area is proposed to house around 120,000 people in 50,000 dwellings by 2034.
Other developers active in the area include Perth-headquartered Amex Corporation and Queensland-based Sekisui House.
The first stage of Satterley’s Ripley Valley estate has been released, with 70 lots, including medium-density housing options, available for sale.
Mr Satterley said blocks would start at $200,000, with house-and-land packages priced from around $350,000.