A joint venture project between a landowner and development group Defining Property has resulted in a $3.64 million worth of land sales with 20 lots all sold in one line.

Ben Smith of Defining Property said the group focused on joint venturing with existing landowners.

He said this way the landowner got the full value of the land plus a substantial share of development profits.

In this case, at Caboolture South, the owner had had the land for more than 25 years.

Mr Smith said he had originally intended to have an orchard on the land, but the council changed the zoning to Res A.

"Caboolture has become its own hub with major retailers such as Good Guys, Bunnings, etc"
Ben Smith

Although offers poured in, Mr Smith said he sat on it for a number of years before going into the joint venture with Defining Property. The 2ha site is surrounded by residential areas.

Parallel Projects has bought the site, its parent company is Park Trent Properties Group. It will market and sell completed houe and land packages in the estate through Cross Country Reality.

Mr Smith said he felt there was a lot of potential in the northern suburbs and was currently looking for other joint venture partners in the area.

"Caboolture has become it's own hub with major retailers such as Good Guys, Bunnings, etc in the area and it is only 45 to Brisbane", he said.

This article excerpt is from the Courier Mail by Michelle Hete. View Original Source