A substantial greenfield residential development site in northern Brisbane is being offered for sale by Colliers.
The 19.66ha site at 9-17 Wheaton Street, 200 Mackie Road & 34 Boscoe Road, Narangba is being marketed via an expressions of interest campaign by Colliers director Brendan Hogan and associate director Adam Rubie.
They said the land represented a rare and significant opportunity to develop a master-planned residential estate, subject to council approval.
Rubie said a strong response from the market was expected.
“On the back of the various government stimulus packages, low interest rates and record interstate migration, there has been a strong focus on delivery of projects across south-east Queensland,” he said.
“This has resulted in a surge of demand for development opportunities; however, this demand has not been met with supply of stock.
“Given the fragmentation and scalability issues with land across Moreton Bay Regional Council, sites such as this present a rare opportunity in the current market.
“We expect keen interest from a wide range of development groups taking advantage of the strong market conditions.
“Median prices in the locality have increased more than 10 per cent in the past year with continued growth forecast.”
Hogan said Narangba was an established suburb about 30km north of the Brisbane CBD and 7km to North Lakes.
“The site is surrounded by an abundance of lifestyle amenity, high quality existing and proposed educational facilities as well as excellent connection to public transport and major road networks,” he said.
“In fact, the property is within 500m of the Narangba Train Station and an expanding retail and commercial precinct.
“There’s no sign of the appeal of south-east Queensland coming off so now is the ideal time to secure an opportunity of this nature.”
Expressions of interest close on Wednesday, September 22 at 4pm.
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