A residential development site in Upper Coomera has been snapped up by a south east Queensland based developer for $4.25 million.
Located at 439 Tamborine Oxenford Road, the 2.75 hectare property is designated Low Density Residential and was sold with a current development approval for a 112 bed residential aged care facility.
The property was brought to market by Ray White Special Projects agents Tony Williams, Mark Creevey and Matthew Fritzsche who said the property received very strong interest with 155 enquiries and 14 offers received via the expressions of interest campaign.
“The property represented a rare opportunity to purchase a residential development site in the high-growth northern corridor of the Gold Coast where strong demand for residential land has seen very strong retail growth and significantly diminished supply driving demand for sites suitable for land subdivision,” Mr Creevey said.
“While the site carried an approval for residential aged care, the overwhelming majority of enquiry was from residential developers and builders seeking to undertake land subdivision to cater for a severely undersupplied market.”
Mr Creevey said the purchaser intended to pursue a residential land subdivision on the site.
Mr Fritzsche said: “With substantial growth in revenues, and scarcity of opportunity in the Gold Coast land market, we are currently experiencing very strong enquiry and competition for sites.”