Newmarket Development Site Sold for $1.4 Million

Newmarket Development Site Sold for $1.4 Million

A development site in the inner north Brisbane suburb of Newmarket has been sold for $1.4 million by Ray White Special Projects Queensland.

The approximately 1,791 sqm site at 22 & 24 Travill Street, Newmarket, was sold to South East Queensland developer Alceon Qld Pty Ltd by Ray White Special Projects Queensland Directors Tony Williams and Mark Creevey on behalf of a private seller.

Tony Williams said a six week Offers to Purchase campaign for the site received 87 inquiries, mainly from developers.

“There was strong interest in the campaign and we had a total of six Offers to Purchase, which reflects current market appetite for inner Brisbane development sites,” he said.

Mark Creevey said the buyer has approval to move one of the two dwellings on the site and build a unit block with nine apartments as well as a new house on a detached lot.

“The buyer has approval to build the apartment block over three levels,” he said.

Newmarket is located 5km north of the Brisbane CBD.

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