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Local group pays $3.75M for Bayside development site

A LOCAL private development group has paid $3,750,000 for a site in one of South East Queensland’s most in demand localities at 167-185 Collingwood Road in Birkdale.

The property, that came with a substantial 4.89ha* site area, was sold after a successful expression of interest campaign.

The asset was marketed and the deal was brokered by Ray White Special Projects (QLD) Matthew Fritzsche and Andrew Burke.

Mr Fritzsche said the deal built on Ray White Special Projects (QLD’s) strong track record of selling sites in the Bayside.

“We attracted a huge amount of interest for the site with 13 offers received and more than 70 enquiries throughout the campaign,” he said.

“The property is in a locality with diminishing greenfield land supply for residential subdivision development in Bayside and ticked a lot of boxes for potential buyers.

“The volume of enquiries and subsequently offers received were testament to the very strong local market and how hard it is to find sites of this nature.”

Mr Burke said the asset had received approval for 24 lots plus a vendor-retained lot and a significant portion of the site would be retained for greenspace.

“The site was sold on behalf of a private land owner and is zoned part ‘Urban Residential’ under the Redland City Planning Scheme,” he said.

“The location of the site can’t be underestimated and is just 19km* for Brisbane CBD and had 168* metres of street frontage.

“It’s in close proximity to bus, train, schools, parklands, health and shopping.”

*Approximately.

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