The subject site comprised a 6 Ha (approx) parcel of cleared vacant land with access and services available to the site designated for residential development.

The site is located within the Greater Springfield area directly opposite the Brookwater Village Shopping Centre and within walking distance to Brookwater Golf and Country Club and proposed Dusit Thani Resort and Spa.

The offering was specifically presented to the market by the seller, Springfield Land Corporation, with the aim of procurring interest from the residential development sector to deliver a premium gated detached house and land estate which would leverage off the premium branding and value associated with Brookwater Estate, Golf and Country Club.

General response to the offering was firm with 64 enquiries and strong recognition of the significant amenity and infrastructure either in the area of planned for the future. The bulk of the residential development market indicated a preference to deliver stock more in line with median house and land values in the area as they considered this would provide a higher volume of sales.

The premium market was not proven for land outside the Brookwater Development. The successful purchaser was a SEQ based land developer / builder who has the site under contract subject to creation of the lot (by the seller) and the purchaser obtaining development approval for a 97 lot subdivision. They are aiming to product a gated community with end product priced from $550,000 and above for turnkey product.

 

Sales Analysis
Vendor:Springfield Land Corporation
Method of Sale:Expressions of Interest
Marketing Timeframe:6 Weeks
Total Enquiries:64
Sale Date:July 2016
Realisation:Confidential