Cedar Woods will act as the development manager and manage the sale of apartments and townhouses in the project.
Backing the development is the financial might of QIC, which has about $17 billion of real estate assets under management and almost $100 billion in total assets under management.
Longer-term performance
QIC Real Estate managing director Michael O’Brien said the arrangement with Cedar Woods allowed it to unlock significant value in its land at Robina and was part of a long-term strategy to transform its property holdings into true mixed-use town centres.
“This initiative is designed not only to generate a return for our investors, but will also support Robina Town Centre by adding people to the primary catchment and improving the longer-term performance of the asset,” Mr O’Brien said.
The JV project, which is subject to conditions being met, follows Cedar Woods partnering with the local real estate arm of Tokyo Gas to develop Banksia Apartments, the fourth stage at its 1000-dwelling Glenside development in Adelaide.
Alongside this project, a number of development opportunities are opening up in Brisbane that could leverage off the 2032 Olympic Games.
They include 7637sq m of land within the Olympic Athlete Village precinct in Hamilton, which is approved for three towers with up to 433 apartments and more than 4600sq m of retail and commercial space.
The site, which is being sold by developer Wentworth Equities, is expected to fetch between $60 million and $70 million. Colliers agents Hunter Higgins and Troy Linnane are handling the sale.
Also up for sale is 3419sq m corner site 42 Logan Rd and 7-11 Trafalgar Street in the Woolloongabba renewal precinct, where the Gabba Stadium will undergo a multibillion-dollar redevelopment.
Being offered by entities associated with Queensland businessman Rod Wiley, the site is expected to sell for more than $20 million. It is zoned for a development of up to 20 storeys, but is not being sold with DA approval. JLL’s Tim Jones and Harry Borger are the appointed agents.