The sale is a prime fully approved residential development site, situated in the prestigious inner city suburb of New Farm.

The sale comprises two contiguous allotments, which form a 1,350m2 irregular shaped inside site, with dual street frontage, situated at road height, and a southerly aspect.

The site is zoned “Low Medium Density Residential (2 or 3 Storey Mix)”, and is within the Low Medium Density Living Precinct of the New Farm and Teneriffe Hill Neighbourhood Plan.

The sale was purchased with approval for a boutique residential development which would appeal to the owner occupier market, with the end product comprising 7 high quality single unit dwellings on freehold allotments.

New Farm is located approximately 2 kilometres east of the Brisbane CBD, and is a prestigious inner city suburb.

The sale occupies a highly desirable position, on a quiet tree lined street, with a diverse range of restaurant and cafe precincts, boutique shopping, transport, entertainment and arts complexes, located on the property’s doorstep.

The property was offered to the market via a four (4) week marketing campaign, which closed on Tuesday 7 July 2015.

 

At the completion of the campaign 124 enquiries had been received, and a total of 9 offers to purchase were put forward. The successful party was Kenlynn Development Corporation, who acquired the site for $4,000,000.

The high volume of enquiries received throughout the campaign, along with the strength of the offers put forward are considered to underline the high demand for boutique development sites which appeal to the owner occupier market in greater Brisbane.

Sale Analysis*
Vendor:Private Syndicate
Method of Sale:Tender
Marketing Timeframe:Four Weeks
Total Enquiries:124
Total Offers Received:9
Sale Date:08/15
Sale Price:$4,000,000