A Gleneagle residential development site has been acquired by a national developer, for $15.8 million.
Located at 6605 Mt Lindesay Highway, approximately 6km north of Beaudesert, the 83.55 hectare site was sold with development approval for 82 lots, with an average lot size of 1057sqm with potential for a total yield of circa 600 lots.
The property was brought to market by Ray White Special Projects directors Tony Williams, Mark Creevey, and Matthew Fritzsche via an expressions of interest campaign.
The property attracted strong interest, with 65 enquiries received and seven offers presented.
“The campaign generated a large amount of interest from both local and interstate groups seeking to establish a pipeline of stock in the south east Queensland land market,” Mr Williams said.
“Demand for sites of this nature is very strong, with a scarcity of opportunity at present to acquire zoned land with scale and access to infrastructure, creating competition amongst buyers.
“Changes in consumer buying habits in response to Covid has seen substantially increased demand for residential land with corresponding growth in revenues which has driven confidence for site acquisitions.”
The successful buyer, Villawood Properties, have now launched the project known as Eucalee Estate.