Nearly 500 homes are being planned atop 33.1 hectares of the Sunshine Coast, expected to be available in the next six years.

Property developer Peet reached a deal for the land at Palmview in December of 2024. The deal was valued at around $56 million minus GST, with the developable land capable of constructing at least 470 dwellings.

33.1 hectares of developable land have been acquired in the Sunshine Coast by Peet.

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The land is adjoining with ‘Village Green’, a previous development Peet made in the area.

Peet Managing Director and Chief Executive Officer, Brendan Gore, said the pre-existing facilities in Village Green will allow for quicker and cheaper housing for future residents.

“For us, buying adjoining land makes sense, because effectively we’ve already got the infrastructure put in place,” he said. “That has enabled us to get our development cost down, and that enables us to deliver more affordable-type housing.”

To help meet growing housing demand across the state, Mr Gore added they are considering different lot sizes to accommodate more residents.

“There’ll be several differences, but it’ll be consistent with Village Green and more than likely be an extension of that community,” he said. “It makes sense to leverage off the success we’ve already achieved.”

This new land is next to Peet’s past development, ‘Village Green’.

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Using Village Green’s established infrastructure, Peet anticipates this will help keep costs down for buyers.

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Peet will be setting design guidelines for building projects in the area when people begin to move in, and may offer packages with builders they have previously worked with.

Price points are expected to be similar to those at Village Green, with a “varying product mix” for different price points.

The land was acquired with investments from both Peet and Brown-Neaves Investments, with a settlement due to occur between June 30 and September 30, 2025.

Development is expected to take five years, beginning in 2026.