This article is from the Australian Property Journal archive
A RETIREMENT living provider has picked up a 1.32-hectare site with approval for 196 apartments in Brisbane’s north-western suburbs in a circa-$10 million deal.
Colliers Queensland’s residential development site sales team of Troy Linnane and James Matley transacted the sale at 1A Northmore Street in Mitchelton on behalf of a national property group.
Linnane said high demand for housing in the area and acute undersupply saw strong interest for the site from a range of developers and aged care providers.
“This was a particularly rare site as it is located in an established residential area with expansive views over the Kedron Brook and parklands and close to the Brookside Shopping Centre,” Linnane said.
“The fierce buyer interest reflected the market demand for infill residential development sites, and with approval for 196 one, two and three bedroom apartments along with the potential for alternate residential development outcomes a competitive rivalry ensued.”
Ten offers came from apartment and townhouse developers as well as aged care groups, with the buyer planning to provide retirement living on the site.
Against a backdrop of high immigration and population growth and low residential vacancy rates, south-east Queensland would require around 900,000 new homes for residents.
“This has resulted in a surge in demand for development opportunities, but with this demand not meeting the supply, sites like these are receiving a significant amount of buyer interest and getting snapped up very quickly,” Matley said.
