New Farm Townhouse Site Sold For $6 Million

A residential development site approved for a luxury townhouse complex in the inner Brisbane hot spot of New Farm has been sold for $6 million.

The approximately 2,226 sqm site at 216-218 Moray Street, New Farm, was sold to leading Queensland developer PointCorp by Ray White Special Projects (Qld) Directors Mark Creevey and Tony Williams on behalf of a Melbourne syndicate.

Mr Creevey said there was incredible interest in the offering which had approval in place for a 12 x 3 level boutique townhouse development with an average townhouse size of 213 sqm.

“We alerted our database of residential developers to this property and within 48 hours we had 62 enquiries and four offers to purchase,” he said.

Mr Williams said that demand for the site was driven by a trend in the market from developers seeking to provide smaller more boutique projects aimed at the owner-occupier market.

“The market has evolved over the last 12–18 months with the re-emergence of upper end of the market and owner-occupiers looking to downsize out of the traditional family home into a quality product close to amenities,” he said.

Mr Williams said the site is in a highly desirable location approximately 2.5km to the Brisbane CBD.

“This property is in close proximity to a diverse range of café and restaurant precincts, boutique shopping, entertainment and arts complexes,” he said.

“It’s located in a tree-lined street within walking distance to the CityCat ferry, the river walk, New Farm Park and the Farmers Market.”