This article is from the Australian Property Journal archive
ANOTHER Brisbane bayside residential subdivision has changed hands, with a local group acquiring a 7.335-hectare Thornlands site to build to plans approved by Redland City Council for a 34-lot project.
Zoned Urban Residential, the 68-70 Kinross Road property in Brisbane’s south-east outskirts attracted more than 110 enquiries and six offers from public and private developers through the expressions of interest campaign managed by Adam Rubie and Brendan Hogan of Colliers International.
“The developer will sell an existing residential dwelling and use the balance for a residential subdivision of 33 lots on an elevated part of the site surrounded by a significant area being dedicated to Council for open space and rehabilitation,” Rubie said.
Lots are expected to range in size from 360sqm to 500 sqm.
Hogan said the developers understand that demand for new homes is outstripping supply in the Redland City Council area.
“In the last two years, the sales volumes of land in this region have increased by 26% with an average sale price increasing by 7% to $305,324.
“This is still some of the most affordable bayside living in Australia this close to a capital city.”
Transactional activity appeared to peak in the region through 2014 and into 2016 as developers snapped up a number of similarly-sized landholdings in Thornlands, with groups including Villa World and Ausbuild particularly active.
Australian Property Journal
