This article is from the Australian Property Journal archive
A PRIVATE buyer on the acquisition path has snapped up seven separately owned lots in a series of deals worth $8 million in “untapped” Redcliffe.
Overlooking Moreton Bay, the properties run alongside one another on Redcliffe Parade and, with flexible centre zoning in place, offered an array of development options ranging from residential to retail, commercial or health.
Two of the lots, located at 95-97 Redcliffe Parade, were sold for a total of $3.4 million with leases in place across four tenants operating in a mix of retail and dining.
Selling off-market were the four lots at 93 Redcliffe Parade and 116 Sutton Street, for $3.1m, as well as a single lot at 99 Redcliffe Parade for $1.5 million, at a 5.3% yield.
The deals were brokered by Gregory Woods and Daniel Pepper of Savills.
Located between Brisbane and the Sunshine Coast, Redcliffe is known for a family-friendly community feel given the waterside locale, foreshore parklands and man-made Settlement Cove Lagoon.
“Due to fragmented ownership with smaller private owners being most of the owners in Redcliffe, it has long been a sleepy suburb with untapped potential due to its idyllic location on the water,” Pepper said.
“The acquisition of seven lots in one line gives the new owner a commanding site in the heart of the Redcliffe CBD and the ability to produce a transformational development in time which will further enhance the Redcliffe Region.”
Growth in the Moreton Bay region has population growth forecasts indicating it will have a larger population than that of Tasmania as soon as 2031, with the area already under development planning to help accommodate the approximately 200,000 plus residents expected in the next two decades.
“Redcliffe is no longer the retirement town it once was. With its proximity to the city, beaches and picturesque views over the bay, we’re seeing an increased interest in the area,” Woods said.
