Colliers have facilitated the sale of a unique land holding in Brisbane’s inner-city suburb of Ashgrove, with the site set to become one of the most exclusive residential subdivisions to hit the area.
199 Ashgrove Avenue & 18-20 Somme Street, Ashgrove (previously the Newmarket Gardens Caravan Park) was led by Colliers Director Brendan Hogan and Associate Director Adam Rubie.
“There is currently an exceptional amount of demand for land subdivision sites within the inner Brisbane region. The rare development opportunity is set in an established suburb with strong price points for house and land,” said Brendan Hogan, Director of Residential at Colliers.
The 2.62 Hectare sale will be the latest project undertaken by Brisbane and Gold Coast developer SKF Development.
With a reputation for providing high-end boutique subdivisions, SKF Development have snapped up the slice of inner Brisbane for $13,660,000, making it a record rate per lot, being approximately $803,529.
“We’re very pleased with the outcome of the sale, the proejct provides an amazing development opportunity to create beautiful homesites in the well establish and sought-after inner Brisbane suburb of Ashgrove”, said Eric Zhao, Development Director of SKF Development.
“Given the significant price growth being witnessed within Brisbane's inner ring locality, which has been driven by Queensland's record interstate migration figures, low interest rate environment and low stock supply, this opportunity was truly like no other. We are excited to leverage our recent experience from our highly successful Gold Coast project Mermaid Sanctuary to create another quality community and add long term value to the future residents and the wider community”.
The property is situated within the extremely sought-after inner-city suburb of Ashgrove, which is just 4km to Brisbane CBD.
The surrounding catchment includes an abundance of lifestyle amenity, parklands and high-quality educational facilities, furthermore, bus services and Newmarket train station are located within walking distance, allowing for easy access to surrounding amenity and Brisbane's CBD.
The property had an exceptional amount of interest, with 184 enquiries and 18 offers at EOI close
EOI’s closed on 27th October 2021 and settlement closed on 6th December 2021.
