Industry superannuation fund MTAA Super has established a partnership with national residential land specialist Peet to complete the transformation of Flagstone City in south-east Queensland.
As part of the agreement, MTAA Super has sold 50 per cent of the shares of the Flagstone West landholding to Peet for $45 million.
Flagstone West consists of south-east Queensland's key urban expansion and employment centres.
Peet will be responsible for the management and marketing of 300 remaining lots in the Flagstone East project.
MTAA Super and its members would benefit from Peet's capital investment in the development of up to 10,000 residential lots and a major regional town centre at Flagstone West, MTAA Super chief executive Michael Delaney said.
"From the fund trustee's perspective, a partnership with a committed residential developer with experience in quality, masterplanned communities was crucial as we move into this next capital and resource-intensive phase of Flagstone City's development," Delaney said.
"This next critical phase of development at Flagstone will see us realise the enormous potential in this significant south-east Queensland growth corridor."
It is not the first time MTAA Super and Peet have teamed up; the two organisations have also worked together on the Alkimos project north of Perth.
"MTAA Super knew that it could build on the relationship already formed with Peet to achieve a successful partnership in Queensland, "Delaney said.
