Industry identities Joel Fisher and Andrew Denmeade are back in the business, having secured a hot new site in one of Australia’s largest urban zoned greenfield developments.
The Master Planned Community of Flagstone, within the Logan growth corridor south-west of the Brisbane CBD, already counts around 6,000 residents, but is slated to become home to over 120,000 people and offer over 10,000 jobs, with construction over coming decades of 50,000 new homes.
It will incorporate a 126-hectare city centre providing broad services including retail, commercial, industrial, educational, medical, recreational and civic facilities, giving businesses opportunity through scale and a growing local catchment. Around 2025 a direct rail line to Brisbane is scheduled to open.
Balmoral Hospitality Group, owned and fronted by Fisher and Denmeade, secured a site approved for a hotel in the community being constructed by publicly-listed heavyweights PEET and MTAA Superannuation.
Balmoral is the new vehicle for the partnership following the 2018 sale of their DenFish portfolio, which included their acclaimed greenfield development the Central Hotel, to Redcape for a reported $50 million.
The new entity is based in a focus on greenfield developments in Queensland and NSW, and Fisher says they are excited about their first acquisition in the sunshine state.
“The growth of the Flagstone area is fast-paced, with the new Coles shopping centre being constructed alongside the site set to open mid- next year.
“For us, Flagstone has very similar demographics and economic drivers to that of Shellharbour when we purchased that particular site back in 2012 in order to construct and open the Central Hotel.
“Like the Central Hotel, we plan to develop a family-friendly venue at Flagstone that will cater for all ages.”
The partners confirmed the new venue will be known as the Flagstone Hotel, with construction expected to take 18 months and cost around $15 million.
The 3,975sqm cleared, level and serviced site is set to include large indoor and outdoor bars and dining, a sports bar, gaming lounge with 45 machines, and child-friendly play areas.
Fisher also confirmed there are no further projects in the works yet for Balmoral, but opportunities will be considered.
Sale of the Flagstone site was through HTL Property’s Glenn Price, who notes an increase in Queensland greenfield applications and approvals in recent years, as state and local governments recognise the need for new developments, particularly in Priority Development Areas (PDA).
“Because the south-east Queensland market is so tightly held, savvy publicans are looking at other alternatives and opportunities, including greenfield sites,” says Price. “But it can take 12-18 months to get a greenfield approved from when you actually lodge.”
HTL were similarly involved with the sale of the new site at Rochedale, in conjunction with Ray White special projects, and advised Balmoral on Flagstone.
“While they can have their idiosyncrasies to get off the ground and capital outlay is significant, greenfields offer significant upside and potential once constructed,” adds Price.
“And the scale of the Flagstone development is one of the most significant community developments in the state of Queensland.”