Ray White Special Projects Qld undertook a Tender Campaign for a 1.013Ha site located in the northern Brisbane suburb of Bridgeman Downs. The site had a current Negotiated Decision Notice for an 18 lot residential development site with proposed allotments ranging in size from 400m2 to 890m2 with an average of 530m2.
The offering generated strong interest with 75 enquiries received throughout the marketing campaign. Given the size of the parcel the majority of interest was received from small to medium developers and builders seeking to take advantage of the approvals. In addition interest was also received from a small number of Aged Care providers with a specific interest in this location. The origin of enquiry was primarily SEQ based groups with a smaller number of interest from interstate.
Given the strong evidence of sales activity for residential lots in the nearby area groups were comfortable with the demand for product ranging around $1000 / m2. The bulk of the market scrutiny centred around development costs. As the site is on the edge of a waterway corridor the approval required the site to be filled along with retaining walls and driveways
required to reach a number of battle axe lots along the southern boundary. Groups commented on the complexity and additional costs associated of
undertaking this activity. There were 13 offers received at the close of Tender with the property being place under contract to a private interstate based developer with other interests in the Northern Brisbane market. Their interest was primarily due to a number of their larger project being held up with planning and infrastructure related delays and their desire to find a small approved project that would allow them to fill a small gap in their delivery pipeline.
|Method of Sale:||Tender|
|Marketing Timeframe:||Six (6) Weeks|
|Sale Date:||June 2018|