96 homes earmarked for city’s north

A 96-house community is in the works for the northern Gold Coast suburb of Ormeau after the purchase of a 5.4-hectare block by CFMG Property Group.

The same group built The Brook, a 251 residential lot project located across the M1.

CFMG’s new project, called Elevate, will be built on land off Tillyroen Road. It bought the block for $7.6 million.

CFMG Capital general manager Andrew Thomson said there was intense competition in the region.

It is strategically positioned 25km from the Gold Coast and 45km from the Brisbane CBD, he said.

The package also ticked all of the boxes CFMG Capital used when assessing project opportunities given its proximity to local businesses, he said.

“The project site currently has the benefits of an existing approval for a 96-lot residential community and is situated within a kilometre of the Ormeau Town Centre and the future’ North Ormeau town centre, which includes Woolworths, Coles and IGA supermarkets, petrol stations, cafes and specialty shops.

“Land remains relatively tight in this corridor with several large-scale subdivisions recently completed or nearing completion.”

Demand has lifted the median house price in the area 24.4 per cent, according to market data from realestate.com.au.