The 1,876sqm* site was acquired by The State of Queensland, following a competitive Expressions of Interest campaign which generated strong interest from a broad range of builder-developers, private investors, and social and affordable housing providers.
In total, the campaign attracted 64 enquiries.
The property was marketed by Tom Barr of RWC Queensland and Matthew Fritzsche of Ray White Special Projects Qld, who led the campaign through high-visibility platforms and strong database work.
“This transaction highlights the continued appetite from government and institutional buyers for well-located infill development sites,” said Tom Barr.
“Given the shortage of affordable rental housing, sites capable of delivering 30-60 apartments have become highly sought-after, particularly by the state.”
The site was sold by Explorers Early Learning, a Melbourne-based developer-owner-operator of childcare centres.
The group originally acquired the property approximately five years ago as part of a planned expansion into South-East Queensland but made the decision to pause those plans and divest the asset.
“Explorers Early Learning saw the opportunity to reposition their investment strategy, which enabled the State to secure a well-located urban site suitable for future affordable housing delivery,” said Matthew Fritzsche.
The State of Queensland has been actively acquiring residential development sites to address the pressing housing crisis.
This includes land suitable for new apartment projects, as well as existing apartment buildings, aged care facilities, and hotels that can be repurposed for social and affordable housing.
“We are seeing a significant shift in buyer dynamics,” Mr Fritzsche said. “Alongside builder-developers, the State of Queensland has emerged as one of the most competitive and strategic purchasers in this asset class.”
This sale reflects the broader trend of increased government intervention in the housing market, particularly in metropolitan areas experiencing high rental stress and limited new housing supply.
