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MTAA partners with residential developer Peet
MTAA Super has entered into a $90 million partnership with national residential land specialist Peet to complete the development of Flagstone City in southeast Queensland.
MTAA Super sold half of its share of the 1,244-hectare Flagstone West landholding to Peet for $45 million, but will retain a 50 per cent interest in the land.
The initial investment in Flagstone West was made a decade ago. Since that time, MTAA Super chief executive Michael Delaney said the fund had achieved development approvals on the West side, while it had transformed Flagstone East into a thriving community of 3,500 residents.
Peet will also take responsibility for managing and marketing the remaining 300 lots in the Flagstone East project.
Delaney said his members would benefit from the development of up to 10,000 residential lots and a major regional town centre at Flagstone West.
“From the fund trustee’s perspective, a partnership with a committed residential developer with experience in quality, master-planned communities was crucial as we move into this next capital and resource-intensive phase of Flagstone City’s development,” Delaney said.
The catalyst for the transaction was the declaration by the Urban Land Development Authority that Flagstone West has been identified by the Queensland government as an urban development area.
“This has resulted in a substantial increase in lot yields which, together with planning successes to date, has enabled us to lock in very good returns for our members in a market that has otherwise softened over the past 12 months,” Delaney said.
AUTHOR
Ashleigh McIntyre
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