LM goes it alone on Coomera project

Written on the 15 September 2010

LM Investment Management (LM) is expanding its property portfolio after dissolving a partnership with Young Land Corporation on a $750 million JV partnership at Coomera.

While Young Land has scaled back its operations and will focus on developments in Yeppoon, North Queensland, LM will solely undertake the $750 million Coomera project after lodging a DA for stage one with Gold Coast City Council.

The first stage will comprise 144 lots comprising 171 dwellings with some attached duplex product (40) and townhouse (10) product scattered within stage one.

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

The company is forging a strong property presence in Queensland after it also co-launched a $120 million 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 1.4ha 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.

It is the first multi-storey apartment project in the Capalaba area, with development approval granted last December.

LM chief executive Peter 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. All apartments will be open plan in design and feature large private balconies, European kitchen appliances, air conditioning, quality fixtures and fittings.

Rhodes sales consultant Megan Davey, says affordability is a major drawcard for the project.

She expects it to become a catalyst for development in the area, to deliver quality development and density around existing amenity and infrastructure, in accordance with the South East Queensland (SEQ) Regional Plan.

“Rhodes has been developed with a focus on taking into account the priorities of the SEQ Regional Plan, to maximise integration with surrounding transport systems,” says Davey.

“Not only does it benefit residents with the convenience of transport virtually on their doorstep, it also contributes to ongoing, positive regional development by lessening congestion, emissions and increasing transport system efficiencies.”

Situated 30 minutes to Brisbane’s CBD, the project is across the road from the Capalaba shopping precinct and 500m to Capalaba Central’s major transport hub which provides a bus link and interchange.

With a focus on sustainability, Rhodes will feature open space, walkways and bike trails, as well as sound and privacy screens for apartments facing Mount Cotton Road. Green rooftops will be a major feature of the project, featuring pools, barbecues, semi-mature trees and ground covers and open space for residents.

The project will also feature a secure basement car parking with lift access, and security including an onsite manager, controlled access to gates and building, security lighting, CCTV 24 hour surveillance, monitored alarm system.

A construction start is expected in July.


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