Peet drops $56m to extend housing estate site
Peet Limited, in partnership with ABN Group founder Garry Brown-Neaves, has quietly purchased a growth corridor Sunshine Coast site from retirement accommodation developer Living Choice – outlaying $56 million ex-GST.
The Peter Crosby Way, Palmview, block abuts Peet’s Village Green community, which has been taking shape since 2020.
With 33 hectares of developable land, about 470 dwellings are expected, with a focus on affordable housing.
The deal is conditional on the parcel being subdivided from a parent lot.
Settlement is scheduled early next financial year.
Development will be staged over five years from 2026.
Living Choice held the property via entity, LCA Palmview Pty Ltd.
It bought the asset – part of a 146ha holding – in 2018 for its Flame Tree Rise estate.
Also this week, we reported All Aged Care sold a 7.2ha site in the Brisbane growth corridor suburb of Logan Reserve to a townhouse developer for $21.275m.
Strengthening partnership
Village Green was master-planned for c800 lots (story continues below).
The Living Choice block is being acquired through a wholesale fund to be 50 per cent controlled by Peet Limited and 29pc held by Brown-Neaves Investments, led by Garry Brown-Neaves, who founded ABN Group in 1978 (and sold it eight years ago).
The pair have teamed previously.
BN also owns a 7pc stake in Peet.
Developers line up Palmview plots
Palmview is set to take shape over 10-15 years, with c16,000 people in 7000 dwellings covering c950ha.
A retail precinct, public and private schools and parks also form part of the design.
Two private landholders control about a third of the developable portion. The balance is owned by Investa Land.
Palmview is about 12 kilometres south of Maroochydore.
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