This article is from the Australian Property Journal archive
SOUTH-east Queensland based BriStar Group has paid $15.675 million for a 31-hectare site in the Brisbane coastal suburb of Thornlands with approval for residential lots, a retirement and aged care component and neighbourhood centre.
Mark Creevey and Tony Williams of Ray White Special Projects negotiated the sale of 157-197 Woodlands Dr.
Creevey said the development approvals that were already in place provided developers with highly sought-after security and that led to a strong campaign throughout.
“The market for land parcels in south-east Queensland is buoyant right now and when one comes to market with development approvals, it attracts strong interest,” he said.
More than 60 enquiries were received throughout the campaign, and eight expressions of interest received at the conclusion of the process.
The vendors has secured a development approval across the site via a negotiated decision notice approval with the Redland City Council for 38 freehold residential allotments, a 3.67-hectare component approved for retirement and aged care, and a 1.01-hectare lot approved as a neighbourhood centre site.
Park residential allotments range from 6,000 sqm to 10,200 sqm.
Williams said the asset offered an opportunity to deliver a premium acreage land estate in a highly sought-after bayside area.
“With supply of acreage allotments in south-east Queensland and Redlands being very limited, the site was well positioned to supply to a market place diminishing in opportunity for larger allotments to families seeking additional space and an alternative to the traditional lot sizes.
“The incoming developer has already had significant traction in the sale of the acreage lots off the plan, with approximately 50% of the lots spoken for.”
Earlier this year, BriStar Group bought a dual-block corner site, of 6,119 sqm at 631-641 Stafford Rd and 6,274 sqm site at 78 Midson St, in Brisbane’s northern suburb of Stafford for $3.3 million, and put forward plans for 26 townhouses.
