A new chapter arrives in Brisbane's north

The Courier Mail | 21 October 2022:  Taigum subdivision site sells to local developer.

A boutique residential developer has snapped up a large subdivision site marketed as one of the few major infill opportunities in a growth suburb in Brisbane’s north.

Brisbane-based Chapter Two paid $3.3m for the 1.24ha property at 159 Roghan Rd, Taigum, through JLL’s Liam Petersen and Jake Burrowes.

The site was one of two large residential development parcels in Brisbane’s northside taken to market by JLL which generated 100 local and interstate inquiries and 13 offers at the close.

Spearheaded by Oliver Bagheri and Jon Quayle, Chapter Two has been active, acquiring 10 subdivision sites across Brisbane since coming onto the scene in late 2020, with a particular appetite for the city’s northside.

“Our affinity with dirt in this part of the world goes back over a decade and we’re incredibly excited to add this site to our land subdivision portfolio, complementing our other significant northside holdings in Bridgeman Downs, McDowall and Mango Hill,” Mr Bagheri said.

“The site at 159 Roghan Rd represents one of the last infill development opportunities in he area and was a strategic acquisition, allowing us to deliver much needed new housing supply to Taigum which has always been so tightly held.”

The group also recently securing 321 Roghan Rd for a little over $5m, boosting their holdings on the street to over 50,000 sqm, with a development value more than $45m.

Chapter Two also boasts an impressive built-form development collection with $175m worth of luxury townhouses and apartments underway.

Mr Petersen said despite recent rate rises and the escalation of construction price escalation, demand for residential development sites from the Sunshine Coast down the Gold Coast was outweighing supply.

Mr Burrowes said the residential development site market was more robust than other asset classes because of limited supply of suitably zoned land, low vacancy rates and strong offshore and interstate migration.

“We expect the land market in southeast Queensland to be one of the strongest performing sectors in the run up to the Olympics,” he said.