Offers flood in for huge highway site

Twenty offers have been received for a huge 181-hectare parcel of land beside the Bruce Highway in Moreton Bay region.

Expressions of Interest (EOI) closed late last month for the 447-acre site flanked by the Highway, Pumicestone Rd and Clinker Rd, at Elimbah East.

Morgan Ruig, Director, Head of Brokerage Logistics & Industrial Queensland at Cushman & Wakefield Australia, said the EOI offers reflected “over $4 billion in total value”.

Mr Ruig said there were a “wide range of buyer profiles from listed AREITS (Australian Real Estate Investment Trusts), some using offshore capital, to large local developers".

“We are in a second-round process now with several purchasers and a target price of $350 million-plus,” he added.

Mr Ruig said they were “likely be in an exclusive dealing with the top bidder in the next week or so.”

The land comes with development application (DA) approval for a combination of residential, mixed business and industrial uses.

Plans are for up to 1400 residential lots - with a DA for the first 288 - and 25-ha of mixed industry and business area zoned land.

There is also a DA submitted for 26-ha of industrial-zoned land including an approved four-hectare service centre site.

Developer Goldfields says on its website the project “will create opportunities for retirement, education, childcare, local convenience and generate employment for the wider Moreton Bay region.”

The site is jointly marketed by Cushman and Wakefield and Ray White Special Projects Queensland.