The 3.348 Hectare* vacant land was previously used as a sports oval within the former Hemmant State School.

Designated Community Use Area (CU4) it is located within close proximity to Hemmant Railway Station in a key bayside location 11km* from Brisbane CBD.

The core target audience for the property was schools and sporting organisations in the eastern corridor and bayside areas.

The general feedback from the core target audience was that although they have the need and desire to purchase a property of this nature the majority do not have financial capacity to acquire additional land.

Several schools who did have capacity commented that they do not believe the location is ideal for their requirements and were prioritising other opportunities.

Interest from the development sector was generally limited due to the low lying nature of the site and the current zoning which would impact on the amount of area potentially suitable for development in addition to the perceived difficulties in obtaining viable development approvals.

The purchaser of this site was  a private syndicate seeking to develop a portion of the site.

 

Sale Analysis*
Method of Sale:Tender
Marketing Timeframe:6 Weeks
 Vendor:The State of Queensland (Represented by Department of Education, Training and Employment
Sales Date:May 2013
Total Enquiries:33
Total Offers Received:3
Total Realisation:$710,000