Approved New Farm Site Sold for $4 Million
A residential development site approved for boutique single unit dwellings at New Farm in inner Brisbane has been sold by Ray White Special Projects Queensland for $4 million.
The approximately 1,350 sqm site at 288-302 Bowen Terrace, New Farm, was sold to leading developer Kenlynn Properties Australia by Ray White Special Projects (Qld) Directors Mark Creevey and Tony Williams on behalf of a local syndicate.
Mark Creevey said the Expression of Interest campaign for the site, which has approval for seven detached single unit freehold dwellings, attracted considerable interest.
“We alerted our database of residential developers to this property and we had 124 enquiries and 12 offers to purchase,” he said.
“Demand for the site has been driven by an ongoing trend in the market from developers seeking to provide smaller more boutique projects aimed at the owner occupier market.
“Owner-occupiers at the upper end of the market are looking to downsize out of the traditional family home into a quality product close to amenities.”
Tony Williams said the Bowen Terrace site is in a highly desirable location approximately 1.5km to the Brisbane CBD and within walking distance to the Howard Smith Wharves redevelopment.
“This property is close to a diverse range of café and restaurant precincts, boutique shopping, transport, entertainment and arts complexes,” he said.
“The two-street frontage provides direct vehicular access for each dwelling from the street.”