Thornlands Site Sold for $10.8 Million

An approved development site at Thornlands in the Brisbane bayside development corridor has been sold for $10.8 million.

The approximately 8.78ha site at 61-79 King Street, Thornlands, was sold to South East Queensland housing developer Ausbuild by Ray White Special Projects (Qld) Directors Mark Creevey and Tony Williams on behalf of a private seller.

“We had 12 Offers to Purchase and 55 enquiries for this property, which is in a highly sought after Brisbane bayside location close to existing infrastructure and major shopping, education, transport and recreational facilities,” Mr Creevey said.

[urbanRelatedPost][/urbanRelatedPost]“The property had a development permit for retirement incorporating 81 independent living units (ILU) and 62 independent living apartments (ILA) plus community facilities.

“The majority of interest was from development companies seeking to utilise the property for residential land subdivision with a lesser number looking to take advantage of the existing approval for retirement.

“Ausbuild has since obtained approval to undertake a residential land subdivision for 83 lots with areas ranging from 450 sqm to 785 sqm. They plan to release these to the market and start construction in May/June this year.”

Mr Williams said most groups commented that they liked the general location of the site and its flat nature was viewed as a benefit in saving development costs compared to other more constrained sites.

“There is generally strong depth in demand for completed product in the Thornlands area for both land and retirement product,” he said.

“There is continuing demand for residential sites such as this in the Brisbane bayside area and a lack of supply.”

Mr Williams said the Redlands region has generally been a sought after area for development due to the traditionally strong demand for residential product.

“The area is well known for being a family friendly, lifestyle oriented community and this site is close to local shopping centres, education and recreation facilities and Moreton Bay,” he said.