This article is from the Australian Property Journal archive
BPG Developments has emerged as the purchaser of a high profile 2,095 sqm site in Lutwyche in Brisbane’s north, on which it plans to build a 68-apartment project.
The 2-8 Lucas St property sold for $4.025 million through Adam Rubie and Brendan Hogan of Colliers, as part of a mortgage in possession sale appointment by Jirsch Sutherland.
Current the property has two stage development approval for 74 apartments, and BPG Developments is looking to lodge for a re-design of the project.
Rubie said the expressions of interest campaign generated 82 enquiries and eight offers to from a range of buyers, including local builders, as well as local and interstate developers.
“There hasn’t been anything of this scale come to market in this location with a development approval for a long time, and the number of offers and the end result shows an upward trend in the development site market in inner Brisbane,” he said.
“The groups who put forward offers obviously recognised its value, and there was enough competition to achieve a strong result.”
Nick Parr of BPG Developments said the project would target owner occupiers, which would be reflected in the architectural design and finishes.
