Dundale Developments has sold 40ha of residential land in Narangba to Satterley Property Group for $32 million.
Dundale has held the parcel, a rural and rural-residential subdivision legacy, for the past 20 years and has divested it in an off-market sale.
The 96 Raynbird Road property is zoned Next Generation Residential under the Moreton Bay Region Council.
Satterley plans to subdivide the site into 620 residential allotments and has secured development approval for the first three stages of the project, already beginning civil works on the site.
With more than 36 years of experience, Satterley is Australia’s largest private residential land developer and operates in three Australian states – Western Australia, Victoria and Queensland.
The company has developed 165 residential communities and is currently involved in Queensland projects at Smithfield, Ripley and Narangba.
CBRE’s Dillon Murphy, who negotiated the sale, commented; “There was interest from several different parties, but Satterley was the eventual buyer.”
“Despite a background in property development, Dundale has chosen to focus on its childcare business and sell the Narangba property to Satterley, who will be best equipped to execute a development project of this scale,” Mr Murphy added.
Centrally located in the Moreton Bay Region – one of the fastest growing areas in Australia – the Narangba site is around 45 minutes north of the Brisbane CBD.
“Future residents will be attracted to local amenities, the public transport network and the development’s proximity to the Sunshine Coast,” Mr Murphy said.