Colliers transact significant Land Lease Community parcel in Flagstone City to Millbray with 293 homes to be built
The land lease community (LLC) sector continues to surge, with a $17 million (plus GST) acquisition in Flagstone City underscoring strong investor confidence in one of Australia’s fastest-growing regions.
Transacted by Colliers experts Chris O’Driscoll, Brendan Hogan and Troy Linnane via an expressions of interest campaign, the 12.04-hectare site was purchased by Millbray, the land lease community platform for the global fund Macquarie Asset Management; and marked the group’s first settled acquisition in Queensland in the LLC development space. The site was sold on behalf of valued client Peet Limited.
Located on College Drive within the heart of the Greater Flagstone Priority Development Area (PDA), construction for Millbray’s first development, has kicked off and includes 293 homes across 12ha, with 5,000sqm of amenities including a 25 metre lap pool, gym, bowling green, pickleball courts and cinema. The project is conveniently located in a central part of Flagstone, close to major health facilities, train station and 330 hectares of parks and pathways. Millbray’s first residents are expected to be living in the community in 2026.
Colliers Healthcare and Retirement Living National Director Chris O’Driscoll said the site’s strategic position within a masterplanned community destined to accommodate up to 138,000 people made it a compelling opportunity for Millbray to enter a sector that continues to experience significant momentum.
“This sale is evidence that institutional and private buyers alike are recognising the structural tailwinds behind land lease communities, especially in growth corridors such as Flagstone that has strong growth in the over-55 demographic,” Chris O’Driscoll said.
“The sale underscores the growth of land lease communities as a housing model, particularly as Australia faces rising demand for affordable, age-appropriate housing options in suburban and regional markets.
“For Millbray, the acquisition represents a strategic entry into an emerging asset class that is proving increasingly attractive to investors, developers and downsizers alike,” Chris O’Driscoll added.
Land Lease Communities are where a homeowner owns their home, but leases the site on which it stands, and is generally for the over 55s market.
Colliers Queensland Residential Director Brendan Hogan said there was high demand for land lease communities, being driven by Australia’s ageing population and retirees wanting to downsize.
“We’re seeing unprecedented levels of enquiry from LLC operators and developers both new entrants and established groups. These communities are becoming a core part of the housing solution as retirees look to downsize and deploy available capital,” Brendan Hogan said.
“With Flagstone’s access to major arterial roads, proximity to the burgeoning Flagstone City Town Centre and Brisbane’s CBD, the site’s appeal was further enhanced by the broader vision for future infrastructure including a State Health Precinct, a new railway station and the wider growth of the southern Brisbane corridor.
“The site is bordered by established residential communities and parklands, with future stages of development to the north and west,” Brendan Hogan added.
Colliers Queensland Residential Director Troy Linnane said with a critical housing supply shortage, against a backdrop of significant immigration and population growth, land lease communities have become a key part of the housing supply solution and demand for these sites has skyrocketed.
“South East Queensland’s regional plan projects that we need around 900,000 new dwellings by 2046, yet new land supply continues to lag,” Troy Linnane said.
“This catchment is facing a significant surge in residents aged 65 and over, and demand for suitable housing options is outstripping availability. This site directly contributes to solving that problem.
“Flagstone has seen significant growth in recent years, with new residential developments and infrastructure projects, this development will be the next step in the evolution of Flagstone,” Troy Linnane added.
Flagstone City, being developed by Peet, is the centrepiece of the Greater Flagstone Priority Development Area, designated by the Queensland Government to fast track the supply of housing and infrastructure in one of South East Queensland’s fastest growing corridors.
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