LM AND YOUNG LAND CORP END PARTNERSHIP

Written on the 8 June 2010

LM AND YOUNG LAND CORP END PARTNERSHIP

LM Investment Management (LM) has dissolved a partnership with Young Land Corporation on a $750 million JV project at Coomera.

It comes as Young Land scales back its Gold Coast operations to focus on developments in Yeppoon, North Queensland.

LM will now solely undertake the project after lodging a DA for stage one with Gold Coast City Council.

The first stage will contain 144 lots comprising 171 dwellings with some attached duplex product (40) and townhouse (10) product planned.

Lots for detached dwellings range from 400m2 to 600m2. Around 5.5 hectares of open space will be allocated for environmental and recreational purposes.

LM chief executive Peter Drake told www.goldcoastbusinessnews.com.au that the split with Young land Corp was amicable.

The company is forging a strong property presence in Queensland after it recently co-launched a $120m project in the Redland Shire.

Believed to be the largest residential unit development in the region, the income funds manager has teamed up with Queensland developer Balmoral Commodities for the Rhodes residential project at Capalaba.

Rhodes will occupy a prime 1.4 hectare site on 54 – 58 on Mt Cotton Road and feature 271 apartments across six buildings, each limited to six storeys to assimilate with the project’s surrounding environment.

Drake says the partnership represents an ongoing commitment to the company’s exploration of quality property opportunities throughout Australia.

“Given Capalaba has been designated as part of a major growth hub/satellite city by the Queensland Government, Rhodes is an outstanding, quality project for LM to be associated with. It is gratifying to be a part of a team committed to delivering a project to meet the region’s future development and residential needs,” he says.

Rhodes will contain a mix of two and three bedroom apartments, sized from 93sqm to 180sqm.


Latest News

Q & A WITH FACEBOOK GURU ANDY MCKEON AS HE JOINS AUSTRALIAN SOFTWARE COMPANY LIVETILES

HE was creative director at Apple under the legendary Steve Jobs, and is now a senior Facebook executive. In his n...

EAST COAST PROPERTY BOOM BUILDS PROFITS FOR BRICKWORKS

AUSTRALIA'S residential property boom has helped drive a sharp rise in first half earnings for Brickworks (ASX: B...

COLLINS SUPERSIZES IN EUROPE WITH PURCHASE OF 16 KFC RESTAURANTS IN THE NETHERLANDS

COLLINS Foods (ASX:CKF) has stepped up its European expansion through the purchase of 16 KFC restaurants in the Ne...

CSIRO HELPS DEVELOP AUSTRALIAN PHARMA COMPANY FROM $10 MILLION TO $305 MILLION

GOVERNMENT backed scientists have helped multiply the market value of a previously small Australian pharmaceutical...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter