Villa World tops up land bank with $24m acquisition on Brisbane's north side

Leading Queensland property developer Villa World will continue to offer affordable, quality house-and-land on Brisbane’s north side, confirming its $24 million purchase of the last remaining residential development site at Strathpine.The 54.32 hectare site 19km north of the Brisbane CBD is zoned residential and located close to shopping, education and health facilities as well as a major industrial and employment precinct at Brendale.Villa World Managing Director and Chief Executive Officer Craig Treasure said the Strathpine acquisition would add to the company’s land stock in the Brisbane north corridor.“We’re in the final stages of our very popular Park Vista project at Mango Hill so we’re pleased to have secured this acquisition so we can maintain a strong pipeline,” Mr Treasure said.All 425 homes within the Park Vista community, launched in 2012, have sold. The final land release of 108 home sites has been brought forward to meet market demand.Above: Park Vista, Mango HillMr Treasure said: “Our ability to deliver completed homes with consistency and quality, on time and within an affordable budget for young families has ensured strong sales on the north side and across our projects in south-east Queensland.”Mr Treasure said the addition of the Strathpine site would add around four years to Villa World’s residential development stock on the north side, with the proposed 383-lot development offering house-and-land packages priced from around $460,000. Construction is expected to start in 2017.This latest acquisition comes off the back of Villa World’s strong financial performance, with its Board recently upgrading the company’s FY16 profit before tax guidance to $46.6 million, with earning per share growth at 15%.Mr Treasure said Villa World would continue to replenish its land stock in Queensland and Victoria, given strong sales growth in these markets.Six of Villa World’s 13 current residential projects in south-east Queensland are on Brisbane’s north side, including the final stage of Circa, at Nudgee, with 54 house-and-land lots located 12km from the CBD.Riva, a land-only development at Joyner, is also selling strongly with more than a third of the 82 home sites sold. Further north, the Bay Road estate in Burpengary is selling its final stage.“We are looking forward to adding Strathpine as a larger, affordable price point project to the Brisbane market which is continuing to show solid growth,” Mr Treasure said.Established in 1986, Villa World is Queensland’s oldest ASX-listed housing developer. More than 40,000 Australians call a Villa World address home.