The sale comprises two adjoining properties, which form a 1.5581ha irregular shaped inside site, situated at road height, having a generally level contour with a northerly aspect.

The site is zoned “Low Medium Density Residential (Up to 3 Storeys)”, and is within the Richlands East Precinct of the Richlands-Wacol Corridor Neighbourhood Plan.

The site sold with approval for a residential development comprising a total of 72 townhouses to be completed over 3 stages, consisting of 63 x 3 bedroom & 9 x 4 bedroom townhouses.

Richlands is located just 25 minutes south of the Brisbane CBD, within Brisbane’s southern growth corridor which is currently experiencing substantial growth.

The locality is well serviced by a wide range of public and private infrastructure, with the sale being located in close proximity to the Richlands Woolworths supermarket, Railway Station and Bus Interchange.

The property was sold under the hammer to a local developer, after a five (5) week marketing campaign, which generated 66 enquiries and 13 registered bidders.

The property was originally marketed for sale through a local agent with the best offers received at circa $2.8million. Ray White Special Projects (Qld) was subsequently appointed to sell the site and achieved a significant premium for the client with the sale reflecting $900,000 (32%) above the previous best offers.

Sale Analysis*
Vendor:Mortgagee
Method of Sale:Auction
Marketing Timeframe:Five (5) Weeks
Total Enquiries:66
Registered Bidders:13
Sale Date:12/15
Sale Price:$3,700,000