The 2,640m²* property with Development Permit for 127 residential apartments and ground floor commercial is located in the fast growing commercial hub of Chermside in Brisbane’s northern suburbs.

Two separate buildings provide the ability to stage – Stage 1 (78 apartments) and Stage 2 (49 apartments + commercial). That incorporates a mix of 1, 2 & 3 bedroom apartment product.

Firm enquiry was generated throughout the initial marketing campaign with 47 groups requesting further information.

Soft interest from interested parties at close of the Expressions of Interest Campaign. Negotiations were undertaken with two separate groups post EOI date to arrive at a contract with a medium term settlement period after due diligence.

Of the two groups we negotiated with one was undertaking a development in the area, the other is an experienced builder / developer with projects slightly closer to the CBD but in the northern catchment.

Both groups demonstrated stronger interest in the project due to strengthening demand at the retail end of the market for units in this area.

 

Sales Analysis*
Method of Sale:Tender
Marketing Time Frame:6 weeks
Marketing Budget:$26,105.00
Vendor:Development Company
Enquiries:47
Number of Offers:3
Sale Date:22 September 2014
Sale Price:$6,000,000 (inc. GST)

 

*approx