A 3,153m2 regular shaped site zoned “Medium Density Residential”, situated at road height having two street frontage and a predominately northerly aspect.
The sale was purchased with approval for a residential development comprising 16 apartments spread across a multi-level building.
Birkdale is a sought after Bayside suburb being located approximately 26 kilometres east of the Brisbane CBD. Birkdale is well serviced by a wide range of services and amenities including the Birkdale Shopping Centre, a number of public and private schools, medical facilities and public transport.
Birkdale is also situated within close proximity to the Moreton Bay which hosts a range of recreation and dining facilities, with the subject adjoining the Aquatic Paradise Canal Estate.
The site was offered to market via a six (6) week marketing campaign which closed on Tuesday 18 October 2016.
At the completion of the campaign 52 enquiries were received with a total of 11 offers to purchase put forward.
The majority of groups that demonstrated serious interest in the site commented that a new approval would be required to better reflect the current market. These groups looked at the site from the perspective of a townhouse development with a yield ranging from 13 to 18 townhouses depending on floor area and configuration.
One of the major challenges of the campaign was associated with the planning history over the site and the well publicized local resistance and level of submissions to the current approval. Groups viewed any new applications over the site as a major risk as it may open the door to planning uncertainty, further submissions, cost and time.
Notwithstanding the above, Ray White received multiple offers as a result of the EOI campaign and shortlisted to 3 groups at campaign close. Importantly, these groups were vetted through the EOI process to ensure that their final offers were well qualified and an offer subject to due diligence would have limited risk attached.
All of the shortlisted groups were initially within a band of between $1.28million to $1.3million. In the second round these same groups increased their position to between $1.45million to $1.518million.
The successful party secured the site for $1,518,000 (Ex GST) and intends to develop the site with 18 x 2 bedroom townhouses.
Ray White was proud to secure an additional $218,000 (17%) as a result of a strategic and competitive marketing campaign and post campaign negotiation process.
|Vendor:||Private Local Developer|
|Method of Sale:||Expressions of Interest|
|Marketing Timeframe:||Six Weeks|
|Total Offers Received:||11|
|Sale Price:||$1,518,000 Ex GST|