Demand for Brisbane development sites from local, interstate and offshore investors is generating activity across the capital city’s outskirts.
A development site in Brisbane’s south has been snapped up by privately-owned residential aged care operator TriCare for $10.8 million.
The 4.069-hectare property in Rochedale was owned by a local family for more than 27 years.
JLL’s Sam Byrne brokered the deal, located at 20 Ford Road, via an expression of interest campaign which attracted five competitive bids.
“We received over 80 enquiries from local, interstate and off-shore developers,” Byrne said.
“The purchaser, privately owned residential aged care and retirement living operator TriCare, moved swiftly to acquire the landholding which neighbours their proposed retirement community.”
Since the rezoning of Rochedale, Byrne says a major transformation of the suburb has taken place with multiple new housing estates proposed and completed, attracting further attention for development.
“The suburb’s median house price is in excess of $1million; this is the same range as some of Brisbane’s most affluent suburbs such as Hamilton and Hawthorne,” Byrne said.
In Brisbane’s east, developer Estates Co. has purchased two development approved sites totalling 2.23 hectares in Hemmant which sits 10 kilometres of the Brisbane CBD.
The Brisbane-based developer snapped up the properties, at 261 and 273 Hemmant-Tingalpa Road for $5 million and have approval for 36 home sites ranging from 400sq m to 600sq m.
The purchase follows on from Estates Co. acquisition of 30 Oswald Street Hemmant for $4.715 million around 12 months ago, with plans for a total of 68 residential lots.
Colliers International’s Jason Dao brokered the deal.
“Estates Co. has developed other projects in the surrounding area and has an excellent understanding of key infill sites, targeting these sites as the last available flood free land in the area,” Dao said.
Estates Co. said both projects will be developed in the first quarter of 2019.
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(Source: Dinah Lewis Boucher, theurbandeveloper.com)
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