Home杭州楼凤 › ISPT joins Villawood in Queensland residential venture

ISPT joins Villawood in Queensland residential venture

Villawood’s Rory Costelloe and Tony Johnson have signed a joint venture with ISPT, Photo: Pat ScalaSuper fund investor ISPT will increase its exposure to an upswing in Queensland’s residential land market after signing a joint venture with Villawood Properties to develop part of its Helensvale project.
Shanghai night field

The 600-lot deal for a portion of the south-east Queensland project will have an estimated end value of $400 million and is the second tie-up between privately-owned Villawood and ISPT which is investing funds on behalf of Hostplus Super.

The deal comes as ISPT is said to be the front runner to buy into one of ‘s best performing malls, World Square in the heart of Sydney’s CBD, at a price exceeding $280 million.

ISPT, with $11 billion in funds under management, formed a similar joint venture in 2007 on Villawood’s Alamanda Project in Melbourne’s Point Cook.

Villawood, run by founder Rory Costelloe and joint director Tony Johnson, purchased the 86-hectare Gold Coast Country Club in Helensvale in August last year.

The site has capacity for nearly 2000 dwellings and an overall end value in excess of $1 billion.

ISPT’s development manager David McFadyen said the 50-50 joint venture covered land in southern sector of the Helensvale site which is expected to be released next year.

“We have an ability to step into the central portion as well at a later date,” Mr McFadyen said.

“Strong demand fundamentals in the south east Queensland market and the property’s unique positioning with immediate access to a range of amenities and transport infrastructure made this investment highly desirable,” he said.

Colin Keane, director of the National Land Survey Program, said greenfield developments in south-east Queensland were selling on an average of 913 lots per month at a median price of $258,000.

“That is a near record high,” Mr Keane said.

Between 2008 and 2013, after the global financial crisis, the area’s land sales averaged 500 lots per month.

Growth was being driven by larger projects like Lend Lease’s Springfield Lakes estate near Ipswich and Yarrabilba in Logan and Stockland’s Bells Reach project on the Sunshine Coast that were able to deliver more land at lower price points, he said.

Melbourne’s median land lot price stands at a more affordable $211,000, while Sydney’s is the most expensive at $485,000.

The joint venture’s Helensvale land is an established suburb about 15 kilometres north of Surfers Paradise and 63 kilometres south of the Brisbane. Nearby is a Westfield shopping centre.

Villawood expects to launch up to 10 new projects next year and recently announced it will include childcare facilities upfront in all its new communities.

ISPT has been an active residential investor, pouring funds into six land and apartment projects under mandates from n Super and Hostplus over the last 12 months.

Mr McFadyen said ISPT had “pulled back” from Melbourne CBD apartment developments and would focus on building a residential land bank next year.

Comments are closed.