Brisbane's booming northern growth corridor will be home to a new $250 million master planned community after Queensland-based property group CFMG Capital completed the $50 million acquisition of 178.1 hectare development site at Stern Road, Bellmere.

The site will be developed into a 720-lot master planned community called Ambury. About 30% of the total site (42.68ha) will be developed into residential housing, with the rest allocated to infrastructure and open space, including 15,000sqm of local park recreation areas. 

The site's previous owners had spent nearly a decade trying to develop it, but CFMG Capital hopes the first residents will be moving in within the next 48 months. 

The project is in the heart of Moreton Bay's newly declared Warana (formerly Caboolture West) development area that will provide a diverse range of housing, including social and affordable options, with around 30,000 dwellings for approximately 70,000 people.

CFMG Capital General Manager Andrew Thomson said the company was optimistic about the long-term future of Brisbane's northern growth corridor and the opportunities available under the Waraba PDA plan.

"For many years, the majority of Brisbane's growth has been focussed on the Logan and Ipswich areas, but we will see this northern corridor come into its own over the next decade," he said.

"There is already a large amount of infrastructure here, and with easy access to both Brisbane and the Sunshine Coast, it has the potential to be South East Queensland's next great city. 

"We have invested more than $80 million in the region already and will spend that again over the next decade bringing Ambury to life."

CFMG Capital expects to receive Development Approval for the project during calendar year 2026 with sales and marketing of the project's first three stages (177 lots) expected to commence during the first half of 2026 prior to construction commencing.

The new project, about 45 km from the Brisbane CBD, will complement a nearby 750-lot project that CFMG acquired in 2023 and takes the company's total investment in Bellmere to more than $80 million.

Ahead of the delivery of the full vision for Waraba, residents will have access to a range of established infrastructure withBellmere State School and Bellmere Early Education Centre located just 3km away.

Morayfield Shopping Centre, Caboolture Square, East Caboolture Village and local recreational facilities are located within a 6km radius to the east at Morayfield and northeast at Caboolture. The Caboolture Hospital is located approximately 9.2 kilometres by road to the east.

CFMG Capital operates two core divisions: a residential communities development business with a pipeline of more than 2,200 lots and a funds management business that has raised more than $250 million in third-party equity.

CFMG Capital's land sales business, CFMG Residential Communities, achieved 325 lot sales worth nearly $130 million in 2024, despite a shortage of new stock in the second half as multiple projects' awaited development approvals.