Lords of the Middle Ring – Development Sites in Demand
Development sites in growth corridor suburbs within 5km-15km of the Brisbane CBD have been in demand with Ray White Special Projects Queensland chalking up more than $16 million in sales from four sites in the December quarter of 2015.
Ray White Special Projects (Qld) Director Mark Creevey said sites in “middle ring” suburbs had attracted interest for a variety of redevelopment uses.
“The sales campaigns we have conducted in suburbs in Brisbane’s middle ring have resulted in enquiries from developers for medium density residential projects but also commercial and retail projects,” Mark Creevey said.
“Other sites have attracted interest from developers looking to establish aged care facilities, service stations or mixed usage developments.”
Ray White Special Projects (Qld) Associate Director Matthew Fritzsche said the recent auction of an approved townhouse site at Richlands (pictured) in Brisbane’s south-west attracted 81 enquiries and 13 registered bidders before selling for $3.7 million.
“There was a fantastic response to the campaign and the site with DA for 72 townhouses at 31-35 Brentford Road sold under the hammer to a local developer after some spirited bidding at the Ray White auction in Brisbane,” Matthew Fritzsche said.
“This approximately 1.56ha site is ideally situated near Richlands Railway Station and bus interchange and is close to schools and shopping centres.”
Matthew Fritzsche and Ray White Special Projects (Qld) Associate Director Andrew Burke also sold a development site at Mitchelton, north-west of Brisbane, for $4 million.
“The Expression of Interest campaign for this approximately 2.4ha site attracted 103 enquiries and 15 offers,” Andrew Burke said.
Ray White Special Projects (Qld) Director Tony Williams said the middle ring development sites that were attracting interest shared a similar profile of being close to amenities and transport with approvals in place.
Tony Williams and Mark Creevey in conjunction with Ben Armstrong and Tony Hope from LJ Hooker Commercial Brisbane sold an approximately 1.54ha site at Mackenzie in Brisbane’s south-east for $4.7 million after a phenomenal response to their marketing campaign.
“We had 89 enquiries and there were 15 offers from 12 different groups for the site, which is directly adjoining established residential development and infrastructure,” he said.
Tony Williams said an elevated re-development opportunity on a 6,030 sqm site in the inner northern Brisbane growth corridor suburb of Wavell Heights was also sold by Ray White Special Projects (Qld) for $3.7 million.