Oreana buys 160ha of Stockland’s North Shore community in Townsville

The North Shore master planned community in Townsville.

Melbourne developer Oreana has secured its second masterplanned community in Queensland, acquiring Stockland’s mega North Shore development in Townsville.

Industry sources say Oreana paid more than $70m and will continue to deliver the masterplan, acquiring about 160ha of net developable residential land as well as the balance of the town centre, which has space to double its existing footprint.

Spanning over 900ha, the $1bn plus North Shore development will feature about 5600 homes, a large town centre, state and private schools, extensive parkland, childcare and much more when completed.

To date about 2600 lots have been delivered along with a school and key retail outlets including Bunnings, Woolworths, North Shore Tavern and services including a medical centre, service stations, gyms, a church, childcare centres and public swimming pool.

Oreana managing director Tony Sass said the company was focused on investing in regions with strong population and economic growth.

“Queensland represents an exciting frontier for Oreana as we continue to expand into one of Australia’s fastest-growing regions,” he said.

“This move aligns perfectly with our strategy to invest in areas where we can deliver long-term value and create thriving communities.

“The acquisition of North Shore demonstrates our appetite for larger, transformative projects that create significant opportunities for our business and stakeholders.”

Oreana co-founder and boss Tony Sass.

Last year, the privately-owned builder and developer paid $32m for 11 properties in Morayfield north of Brisbane.

The parcel has existing approval for 252 lots, and Oreana expects to bring the $110m project to market in 2025.

Oreana has a current pipeline worth more than $3bn in Victoria across medium density residential, commercial, early education and is moving more into land development.

Mr Sass said there had been steady investment in Oreana’s capabilities over the past 18 months to support the national scaling of its activities, including the establishment of a Queensland team.

The firm has also secured key talent with industry stalwart Ken Munro – formerly of Development Victoria – as general manager, and Luke Guthrie as chief financial officer, and has integrated its investment arm under the leadership of Luke Moore.

Stockland’s general manager of Queensland development David Laner said North Shore has grown to become an established community.

“We’re grateful for the support of Government, and all of the hard work of our staff, contractors and residents in creating a connected, thriving community at North Shore, and we’re proud of our role in bringing the vision to life and the legacy we are leaving,” he said.

“Oreana’s investment in North Shore is testament to that vision and its commitment to the continuing development of the region,” Mr Laner said.