The land lease operator has purchased the 140ha Greg-Norman designed course together with an adjoining 20ha development site for almost $15 million according to The Courier Mail.

Palm Lake says they have already lodged plans for the development site with between 250 to 350 homes and a potential aged care facility being considered.

CBRE’s Rem Rafter and Brendan Robins who brokered the deal say they received 10 offers during the expressions of interest campaign – seven from land lease operators – a sign of their increasing buying power in Queensland.

“They’re looking at every opportunity very aggressively and increasingly outbidding the traditional land subdividers,” Mr Rafter said.