Blockbuster deal for Elimbah land site

By Sheree Hoddinett  

When it seems like there’s almost no more room for development, along comes a significant land deal that changes it all. 

A 181-hectare site located at Pumicestone Road, Rutters Road and Clinker Road Elimbah recently sold for a hefty $318.5 million.  

The site was acquired by HB Land, a Singaporean-based, locally operated development group. The landmark holding is approved for a major master-planned community comprising of up to 1400 residential lots, with development approval already in place for the first 288 lots, alongside 25.58 hectares of Mixed Industry and Business Area (MIBA) land and 26.346 hectares of industrial-zoned land. 

The strategically located holding was brought to market via a tightly run Expressions of Interest campaign. The sale was jointly managed by Tony Williams, Mark Creevey and Matthew Fritzsche of Ray White Special Projects Queensland, alongside Morgan Ruig and Mitch Taulelei from Cushman & Wakefield, acting for Melbourne-based developer Goldfields. 

Tony Williams said the project’s scale, approvals and infrastructure certainty ignited strong buyer demand. 

“With approvals already secured for the initial stages and the ability to ultimately deliver up to 1400 homes, the project is exceptionally well positioned to address ongoing housing demand in one of Southeast Queensland’s strongest growth corridors,” Mr Williams said. “Importantly, the seller’s commitment to deliver major external trunk infrastructure meant buyers could acquire a fully serviced development opportunity significantly reducing delivery risk and accelerating the pathway to bringing new housing stock to market.” 

Adding to its appeal, the site is federally EPBC confirmed as Not a Controlled Action and is largely cleared, flat to gently undulating, optimising development efficiency. Infrastructure agreements are already in place with City of Moreton Bay Council and Unitywater, with the seller set to deliver external water, sewer services and the Pumicestone Road Phase 1 upgrade, positioning the land for seamless future development. Trunk servicing works are expected to be completed by early 2027. 

The campaign generated strong competitive tension, attracting 261 enquiries and 16 formal offers over a 5.5-week marketing period. The mixed-use nature of the site attracted interest from both residential and industrial development groups considering the individual components with the ultimate purchaser demonstrating strong capability across both residential and industrial delivery.  “HB Land has a clear strategy to move quickly,” Mr Williams said. “Works will commence as soon as practicable to deliver much-needed housing and employment land to the market.” 

The incredible sale unfolds against a backdrop of an ongoing housing shortage across the area, mirroring pressures seen nationwide. According to realestate.com.au, in Elimbah, property prices continue to climb sharply, with the median house price jumping 7.6% over the past year to $1.2 million. Rents have also risen, with the median now sitting at $900 a week, an increase of more than 6% in 12 months.  

For the surrounding local communities the development has the potential to bring about big change. When asked about what this development would mean for the City of Moreton Bay, a council spokesperson could not comment on this matter due to it being a live development application, but did speak positively about the overall appeal of the city.   

“Our enviable lifestyle, progressive and business friendly approach, central SEQ location, proximity to Brisbane Airport and rapid population growth, has resulted in a surge of investment and interest in City of Moreton Bay,” they said.