The sale comprises two adjoining properties which form a 3.205ha near regular shaped inside site zoned “Low-Medium Density Residential (Up to 3 Storeys)”. The land falls to a gully along the rear northern boundary.

There was a number of specific planning challenges associated with the site, including ecological (vegetation) over the north-eastern portion, stormwater and bulk earthworks design due to the site gradient.

Richlands is located just 25 minutes south of the Brisbane CBD, within Brisbane’s southern growth corridor which is earmarked for substantial future 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 purchase was subject to DA which was achieved in October for a 61 lot residential subdivision.

Interestingly, there are a number of sites in Richlands with a similar zoning where developers are tending towards small lot subdivision development schemes in preference to traditional townhouse schemes. This is largely in response to the current and forecast volume of townhouse supply in Richlands and surrounding suburbs. Notwithstanding this comment, strong demand persists for broad acre land in the southern Brisbane locality for both townhouse and subdivision suitable sites.

Sale Analysis*
Vendor:Private Owner
Method of Sale:Off Market
Sale Date:09/15
Settlement Date:04/17
Sale Price:$4,200,000 (Margin Scheme)