An Australian property company has outbid six other developers with a $31 million offer to transform a former Queensland quarry into a major neighbourhood development.
On 3 December, 2019, Frasers Property Australia settled the acquisition of a 48.7ha Brisbane infill site that comprises the former Keperra Quarry, 9km northwest of the CBD.
The land has approval for the development of a masterplanned residential community with up to 700 homes and about 60 per cent open green space, as well as a 7000m2 neighbourhood retail and childcare centre.
The former quarry was operated by Lantrak, which extracted granite from the site. The quarry was well known for its production of yellow/orange granite through to pink hues, suitable for a wide range of uses, from standalone and sculptured art pieces to specialist landscaping and construction uses.
Brookfield Residential Properties secured approval for the residential development from the Brisbane City Council for material change of use in 2017. The site adjoins a Keperra shopping centre housing Bunnings, Aldi and Woolworths outlets.
Colliers International listed the site last year and fielded more than 140 inquiries.
“This is the largest infill site within the Brisbane fringe precinct that has been transacted in the last five years,” said Colliers’ Brisbane development sites director Brendan Hogan.
“The scarcity of available zoned sites of this scale within a 10km radius of the CBD led to strong interest and seven offers from major national and international developers.”
Frasers Property Australia’s Queensland residential general manager Scott Ullman said the site is one of the most elevated areas of land in Brisbane, ranging from 80 to 190 metres above sea level.
“The design for the masterplanned community is still being refined but most of the residential dwellings will be built between 100 and 145 metres above sea level, creating some spectacular views to the Glasshouse Mountains,” he said.
“The significant scale of the Keperra site less than 10km from the Brisbane CBD presents an outstanding opportunity to create an urban environment that provides its residents with a convenient and connected lifestyle, a stunning outdoor environment and a commanding outlook.”
Ullman said the new community would offer buyers a choice with a combination of detached, low density and medium density terrace homes.
“In a substantial commitment to revegetating the Keperra hillside, more than half of the site will be open space, comprising conservation land and stabilisation and rehabilitation of the quarried hillside. The remainder will be developed as residential, retail, roads and infrastructure,” he said.
“Our focus now is to refine the masterplan design for the new community, working toward an expected launch in 2021.”