The property comprises a prime 2,226m2* approved residential development site in the Brisbane CBD fringe suburb of New Farm.

The property was sold with a development approval for 12 x 3 level luxury townhouses.

The strength of the sale reflects developer demand for smaller/ boutique development sites in near city locations. The position of the site in New Farm was seen as desirable given its close proximity to the restaurant and café precincts, shopping, transport, entertainment and arts complexes.

The property sold was sold via private treaty to a private local developer within 1 week of it being listed for sale. The sale reflects a rate of $500,000 per approved townhouse.

Sale Analysis*
Method of Sale:Private Treaty
Sale Date:March 2015
Total Enquiries:62
Total Offers:Multiple
Total Realisation:$6,000,000