VILLA WORLD BUYS GREENBANK LAND IN JOINT VENTURE

Written on the 16 September 2016 by James Perkins

VILLA WORLD BUYS GREENBANK LAND IN JOINT VENTURE

VILLA World Group (ASX: VLW), has purchased a 153-hectare site at Greenbank, 34 kilometres south of Brisbane, for $50 million in a joint venture with Greenfields Development Company.

The site has been approved for 1,000 residential lots for part of the site and the partners will seek approval for a further 500 lots for the remainder.

House sites will range from 300 sqm to more than 2,000 sqm and will the area will eventually be home to 4,000 residents.

Villa World managing director and CEO, Craig Treasure, says the venture builds on the Gold Coast company's relationship with Greenfields, a family-owned business based in south west Sydney.

He says Greenbank will bolster Villa World's presence in the growing Logan corridor.

"This is a well-located property, which is in the growing area of Brisbane and has some essential elements, such as schools, shops and amenities, that people want to live near; and it is in reasonable proximity to Springfield Town Centre and its university and hospital."

Treasure says work will commence quickly - the first stages will be built in 12 months and the entire development will be finished in five to seven years.

"Our focus on delivering a high quality, yet affordable product for our customers will continue to drive strong sales across our projects in south east Queensland," says Treasure.

The two companies were previously working together on a 90-home development in Sydney's south west.

"We have built a strong relationship with them in that we really share common values in regards to community outcomes and looking after the customer.

"We're very pleased about the initial project in Sydney and have been fortunate to acquire a site in Queensland, as Greenfields are interested in diversifying their portfolio into this state as well."

Greenfields Chairman, Tony Perich says, "We are pleased to be diversifying into Queensland in partnership with proven residential developer Villa World.

The site was purchased from Teviot Downs Estate through Tony Williams and Mark Creevey from Ray White Special Projects.

The purchase will be funded through a combination of equity contributions into the joint venture, and project finance. Settlement will occur in stages during FY18 and FY19.

 


Author: James Perkins Connect via: Twitter LinkedIn

Latest News

BELLAMY'S FINDS EXPORTING BABY FORMULA INTO CHINA IS NO CHILD'S PLAY

BELLAMY'S (ASX: BAL) shares have suffered a 40 per cent drop in value today after the company hit a regulatory...

BRISBANE WATCH BRAND ADINA AIMS FOR ICONIC

ADINA watches is at a turning point in its history, 45 years after being founded by Robert 'Bob' Menzies i...

WHY YOU SHOULD CARE FOR YOUR BODY AS MUCH AS YOUR BUSINESS

ENTREPRENEURSHIP is a busy business. It can be all-consuming, but it is important not to neglect your health Y...

BULLETS BACK IN THE BUSINESS COMMUNITY

ALTHOUGH new to the current south-east Queensland sporting landscape, the Brisbane Bullets have a rich basketball ...

Related News

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

BIG W CEO QUITS AFTER 11 MONTHS

SALLY MacDonald has resigned as chief executive of BIG W ending her tenure at the helm of the struggling discount ...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter