A new $130 million residential project on Brisbane’s south-side kicked off construction this week by private developer Golden Gate Property.
Golden Gate has appointed construction company Shadforth to undertake civil works at the 600-lot project, which spans more than 50 hectares.
The developer secured the site, at 94-180 Park Ridge road, for more than $30 million earlier this year. The development project, known as Carver’s Reach, sits 32 kilometres from Brisbane’s CBD in the suburb of Park Ridge.
The major site was created through the amalgamation of nine separate sites on Park Ridge Road which sits in the Logan City Council government area.
Considered a major southern growth corridor, state government said it will be pushing ahead with more than $1 billion investment in fixing traffic bottlenecks on the M1, Mount Lindesay Highway and Ipswich Motorway corridors.
Golden Gate Property, led by Marc Clancy, Terence So and David Whiteman, have a number of infill projects on the go including Regency Green, a 97-lot development project also in Park Ridge.
“It’s a true, multi-stage masterplanned community where we have the scope to be creative in terms of the open space and connectivity with the local community,” Whiteman said of the latest project.
The project marks the team’s largest development project to date.
Property services group Oliver Hume is at the sales helm for the project. Chief operating officer Julian Coppini said the group had noticed a “strong surge” in the level of enquiries for projects since the federal election.
“Some of our projects have experienced a 40 per cent increase since the election and while it is a bit early to say if the increased enquiry will convert into sales, there is reason to be optimistic.”
The first homes of the Carver’s Reach project are expected to settle in early 2020 with its first residents due to move in mid-next-year.
The first stage, the Jarrah Release, includes 67 homesites ranging in size from 313sq m to 808sq m with prices starting from $203,000.
Diversified property group CFMG Capital announced it acquired a 4.9 hectare site in Park Ridge for just over $5 million last week. The site, which has development approval, will deliver 89 lots.