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The surplus Brisbane City Council land holding comprised of a 1.3 hectare* residential redevelopment site in the fast developing suburb of Richlands, approximately 16km south west of the Brisbane CBD.

The predominantly cleared and near level site is designated MDR Medium Density Residential (BCC Draft New City Plan 2014) and is in close proximity to local shopping, schools and Richlands Railway Station and Bus Interchange.

The majority of groups who enquired had done so with a view toward seeking to undertake townhouse / villa style development on the site. Other ideas that were mentioned included small lot residential land subdivision or retirement / aged care.

Feedback was provided that whilst stronger, more positive sentiment is evident across the market, at the time of sale financier’s attitude towards funding of unapproved sites is still one of reluctance. Banks and financial institutions are more readily funding approved sites which can be turned around faster.

Sales Analysis*
Method of Sale:Tender
Marketing Time Frame:6 weeks
Sale Date:November 2013
Total Enquiries:47
Marketing Budget:$16,302
Total Realisation:$2,250,000