Approved Subdivision Site Sells Well Above Reserve for $2.035 Million
An approved subdivision site at Victoria Point on Brisbane’s bayside has been sold at auction for well above its reserve price by Ray White Special Projects Queensland for $2.035 million.
The subdivision site approved for 16 lots at 119 Bunker Road, Victoria Point, was sold to a prominent local developer by Matthew Fritzsche on behalf of Jandex Pty Ltd.
Matthew Fritzsche said the marketing campaign for the approximately 4.28ha site attracted strong interest from South East Queensland developers as well as Sydney and Melbourne-based developers.
He said there were 10 registered bidders at the auction at the Ray White auction centre at 111 Eagle Street, Brisbane.
“Bidding opened at $400,000 and there was intense bidding between two parties and more than 70 separate bids before the property was sold under the hammer by auctioneer Philip Parker,” Matthew Fritzsche said.
“It was an awesome result and well above the reserve price. The interest in the property highlights the demand for shovel ready development sites in the bayside area.
“It’s also a testament to the strength of the market in the highly sought after bayside development corridor.”
Matthew Fritzsche said approved lots range in size from approximately 457 sqm to 1,372 sqm and the site adjoins an existing residential development.
“The Bunker Rd site is approximately 1.5km to Bunnings and the Victoria Point Shopping Centre which offers restaurants, cafes, cinemas and more than 200 speciality stores plus a bus interchange,” he said.
The bayside suburb of Victoria Point is approximately 33km east of the Brisbane CBD.