Bayside Bonanza with $45 Million in Site Sales
The popularity of residential development sites in the sought after Brisbane bayside development corridor has been highlighted by Ray White Special Projects (Qld) chalking up sales in the region of more than $45 million.
The most recent deal was $5.2 million for an approximately 6.03ha site at 11 Rachow Street, Thornlands, which was sold to a South East Queensland developer by Ray White Special Project Qld’s Mark Creevey, Tony Williams and Matthew Fritzsche.
“We have completed seven sales in this immediate area over the past year or so totalling $45.41 million,” Mark Creevey said.
“The Redlands region has been a sought after area by developers due to the traditionally strong demand for completed residential product.”
“The area is renowned for being a family friendly, lifestyle oriented community and the sites we have sold have all been close to local shopping centres, education and recreation facilities and Moreton Bay.”
Tony Williams said the purchaser of 11 Rachow St, Thornlands, had subsequently lodged a DA for townhouses.
“This site is within approximately 1.5km of three major shopping centres and approximately 300m to Faith Lutheran Secondary College Campus,” he said.
Tony Williams said the biggest sale was $10.8 million for an approximately 8.78ha site at 61-79 King Street, Thornlands, which was sold to leading South East Queensland housing developer Ausbuild.
“Ausbuild has since obtained approval to undertake a residential land subdivision for 83 lots with areas ranging from 450 sqm to 785 sqm,” he said.
Matthew Fritzsche said another significant sale was $10.5 million for a 5.252ha site at 415-427 Boundary Rd, Thornlands.
“This site was sold with development approval for 86 residential lots,” he said.
“There is continuing demand for residential sites such as this in the Brisbane bayside area and a lack of supply.”