What’s happening?
Melbourne-based property developer Oreana has acquired a significant portion of Stockland’s $1 billion North Shore development in Townsville for over $70 million. The acquisition includes 160ha of net developable residential land and the remaining town centre, which has space to double its existing footprint. Oreana intends to continue delivering Stockland’s master plan, marking its first major investment in regional Queensland.
Why it matters?
The deal highlights Townsville’s attractiveness as a high-growth region and Oreana’s confidence in Queensland’s property market. This acquisition supports continued residential and commercial development in the area, aligning with Oreana’s strategy to invest in regions with strong population and economic growth.
“Oreana is delighted to add to its portfolio the premier master-planned community Stockland has curated and delivered at North Shore,” said Oreana Managing Director Tony Sass. “Queensland represents an exciting frontier for Oreana as we continue to expand into one of Australia’s fastest-growing regions.”
Local Impact
The acquisition ensures the continuation of the North Shore project, which has already provided essential community infrastructure, including schools, retail spaces, medical services, and recreational facilities.
Stockland’s Queensland general manager of development, David Laner, highlighted North Shore’s importance: “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.”
By the Numbers
- The North Shore master plan covers 900ha and is expected to deliver 5,600 homes upon completion.
- Stockland has already delivered 2,600 lots, along with a school, retail outlets, and community services.
- Oreana’s total development pipeline is valued at approximately $2.5 billion across Australia.
Zoom In
Oreana is strengthening its presence in Queensland, having built a dedicated team in the state over the past 18 months. The company has secured experienced project manager Ken Munro as General Manager and Luke Guthrie as CFO to support its expansion.
Zoom Out
Oreana was founded in 1999, initially focusing on Victoria’s residential growth corridors before expanding into mixed-use retail, industrial, and early education sectors. The company also operates an investment arm, offering private investment funds through Luke Moore.
“Our consistent investment in building capability and expertise ensures we are equipped to seize opportunities like this,” Sass said. “It’s a reflection of Oreana’s commitment to sustainable growth and our confidence in the strength of the Australian property market.”
What to Look for Next?
Oreana’s next steps will involve advancing the North Shore master plan, bringing further residential and commercial growth to Townsville. The company’s investment signals potential for more large-scale projects in Queensland’s regional markets.
