Development Site at Algester Sold for $1.6 Million
A residential development site at Algester in Brisbane’s south has been sold by Ray White Special Projects Queensland for $1.6 million.
The approximately 1.08 ha property at 114 Delathin Road, Algester, was sold to a local developer by Mark Creevey, Tony Williams and Matthew Fritzsche of Ray White Special Projects Queensland.
Mark Creevey said the marketing campaign for the property attracted strong interest from the development sector of the market with buyers particularly interested in securing a medium density use or land subdivision.
“We had a total of 37 enquiries for the site and received positive feedback on the position of the property, with Algester and Calamvale being considered as strong development precincts well-located close to local amenity,” Mark Creevey said.
“This was the first time the property had been offered for sale in 46 years and we were very pleased with the result and level of interest.”
Tony Williams said the site was designated “Emerging Community”, providing the potential for residential subdivision or medium density development subject to Council approval.
“The site was acquired by a local developer who intends to undertake a residential subdivision division,” he said.
“The site has two street frontages and is located approximately 19 kilometres south of Brisbane’s CBD.”
Matthew Fritzsche said the suburb of Algester was favourably considered as it generates firm buyer interest in developed product such as townhouses and houses and land, and delivers a reliable rate of sale.
“Positive feedback from prospective buyers demonstrates an improvement in market conditions in Algester on the back of softer market conditions between 2011 and 2013,” he said.