LM AND YOUNG LAND CORP END PARTNERSHIP
Written on the 8 June 2010
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.