Former Richlands Bus Depot Site Sold for $4.15 Million
The site of a former bus depot at Richlands in Brisbane’s south-west has been sold for $4.15 million by Ray White Special Projects Queensland.
The 2.4ha site at 48 Government Road, Richlands, was sold to a private Brisbane developer by Ray White Special Projects Queensland’s Matthew Fritzsche on behalf of Brisbane City Council.
Matthew Fritzsche said the six week tender campaign for the site attracted strong inquiry from South East Queensland developers as well as groups from Sydney and Melbourne.
“We had a total of 56 inquiries and eight offers with the bulk of interest from local developers,” he said.
“The range of interest in the property was for residential subdivision and townhouse development and the buyer is likely to undertake a townhouse development, subject to council approval.
“The site is currently designated low medium density residential allowing for development of up to three storeys.”
Matthew Fritzsche said the site was one of the premier properties in Richlands, which is approximately 16km south-west of the Brisbane CBD and well serviced for transport by a railway station, bus interchange and easy access to major arterial roads.
“The site is elevated with views to the Brisbane CBD,” he said.
“There are several townhouse developments being constructed in the area which is in close proximity to schools, shopping centres and other amenities.
“Richlands has also benefitted from the employment opportunities created in the area by some major national companies.”