Citimark Properties has acquired the last remaining commercial development site in Stage 1 of Australia’s newest planned regional city for $7.9million.

Waraba in South East Queensland – previously called Caboolture West – will take shape over roughly 300ha and several decades, with forecasts of about 70,000 residents and 30,000 new homes.

It was declared as a Priority Development Area (PDA) in 2024, with the sale of 495 Caboolture River Road marking the first subsequent transaction.

JLL and Regional Land Senior Associates Jake Burrowes and Liam Petersen handled the on-market campaign for the roughly 2.1ha parcel of land on 495 Caboolture River Road.

They worked on behalf of a private seller, who had held it for about 15 years.

Mr Burrowes noted the parcel offered a rare opportunity to deliver one of the few available commercial projects of scale in this high-impact growth corridor.

“The Centre zoned land, which adjoins the site of a future retail development including a Coles supermarket, will form part of Waraba’s Stage 1 shopping centre, to be called Lilywood Town Centre,” he said.

“Sitting on the community’s primary access route, it will enjoy unparalleled visibility and connection to the roughly 3000 new dwellings this stage will encompass.

“It also will lie at the heart of what will ultimately be a thriving town centre precinct that will bring together shopping, leisure, retail and lifestyle amenities for the community.”

Mr Petersen noted the competitive EOI had drawn more than 150 inquiries and nine bids.

“With interest from both local and interstate buyers, it was a clear pointer that investors are paying careful attention to Waraba, which is the biggest single growth area in the Moreton Bay Regional Council,” he said.

“With the PDA ensuring a coordinated approach to future planning, there is strong interest in delivering commercial and retail development outcomes aligned with the area’s significant future growth plans.”