Two adjoining properties located in Griffin located 25km* north of the Brisbane CBD and 1km* from North Lakes Parcel 1 – 16 Wesley Road

• Land area 12.14ha*

• Development Application lodged for 73 residential lots

• Zoned Future Urban Parcel 2 – 32 Wesley Road

• Land area 20.03ha*

• Pending Decision Notice for a staged development encompassing 11 stages

• Stage 1 incorporating ROL for 63 Freehold Titled

• Residential Lots ranging in size from 320m2 to 765m2 (Avg 410m2)

• Balance 10 stages to be designated as ‘Management Lots’, intended to be developed into Freehold small and standard sized residential allotments and higher density Community Title unit product

• Zoned Future Urban

 

 

Both properties were owned by private individuals who had been long term owners. Each site had substantial planning work undertaken without formal Development Permits having been issued. The level of enquiry, number of inspections and offers were all very strong. The market recognition of the quality of the assets was evident throughout the course of the campaign due to the high quality nature of the land itself and the strength of demand the completed residential land and house and land packages within the Griffin area. We undertook a two (2) phase process due to having two (2) owners who were initially quite flexible with the types of purchasing structures that might be available. i.e. Outright sale, structured settlement and/or potential joint venture scenarios.

The first stage was gathering all offers and interest from the market, from there a short list was selected. Those groups then had the opportunity to resubmit their negotiations on behalf of the owners to optimise their outcome.

Interest was received from a range of SEQ and interstate based groups including private and public development companies and building and land marketing companies.

Sale Analysis*
Method of Sale:Registrations of Interest
Marketing Timeframe:6 Weeks
Total Enquiries:97
Inspections:40
Total Offers Received:18
Sale Price:16 Wesley Rd

$7,160,000 (no GST) Included transfer back to owner of 1 vacant allotment

32 Wesley Rd

$20,865,844 (GST Going Concern) Included owner retaining principle place of residence on 3,210m2