Frasers Property Australia has acquired hundreds of hectares of development land across two transactions in Queensland and Victoria, which are expected to deliver A$3bn (€1.8bn) worth of housing and adjacent amenities upon completion.
Frasers Property has acquired freehold land and development rights for the SkyRidge masterplanned community development on the Gold Coast from Perron Group and the estate of the late Ross Atkins for approximately A$170m.
The 334ha SkyRidge site has been approved for 3,500 lots across a range of land uses. Frasers Property is to develop approximately 3,000 lots and a neighbourhood shopping centre over the next 14 years.
Frasers Property has also acquired a 60ha site in Geelong, near Victoria’s surf coast, for a new mixed-use community development comprising over 720 homes.
The Geelong and SkyRidge acquisitions follow Frasers Property’s recent sales of completed assets, including Eastern Creek Quarter in Sydney for A$400m and Burwood Brickworks in Melbourne for A$107.25m.
Earlier this month, Frasers Property completed the sale and handover of its A$285m build-to-rent project, WeAreLiving Brunswick in Brisbane, to Aware Super and Barings.
Cameron Leggatt, CEO, Frasers Property Australia, said the execution of the sales of the WeAreLiving Brunswick build-to-rent project, Eastern Creek Quarter and Burwood Brickworks has enabled the firm to recycle capital into these new opportunities.
“The new acquisitions in Geelong and on the Gold Coast align strongly with our brand and strategy of developing distinctive mixed-use communities in our core eastern seaboard markets,” he said.
Emily Wood, executive general manager development, Frasers Property Australia, said: “This is a transformative year for the company as we focus on new acquisitions, allowing opportunities for our community-building and placemaking expertise to come to the fore.”
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