Huon Property Group, a member of the Singapore based RunningStream Group, has purchased a 7ha infill residential development site in Darra for $20 million.
Subject to further council approval they plan to develop the site into a multi staged residential community consisting of high quality residential homes. The site is currently zoned for low-medium density residential development and has a developable area of approximately 6.5ha.
Positioned at 242 Englefield Road in Darra, the site represents a surplus portion of the Connectwest Industrial Park which is being developed for a Charter Hall managed partnership by Commercial & Industrial Property Pty Ltd (CIP).
“The RunningStream Group has over a decade of investment experience in Australia - a valuable destination which Huon is able to capitalise on to deliver responsible and relevant projects for the local community,” said Mr Dan Toh, Chairman of the RunningStream Group.
“This site in Darra is clearly aligned to our values and we look forward to providing residents of this community with a positive outcome in terms of quality and price.”
Stephen Chen, Director of Huon added: “We are excited by this acquisition and we look forward to delivering a project with our partners that will do us proud.”
The property was marketed via an Expressions of Interest campaign by Brendan Hogan and Adam Rubie of Colliers International in conjunction with Mark Creevey and Tony Williams of Ray White Special Projects.
“We received a record of 174 enquiries during the campaign, and 20 offers from a range of private and public groups, based both locally and offshore,” said Mr Hogan.
“We were able to identify the buyer and negotiate the sale on behalf of the vendors,” Mr Rubie said.
“The strength of the middle ring in Brisbane is evident, as we are experiencing unprecedented demand from groups looking for infill development opportunities to build townhouse and land projects.”
Tony Williams of Ray White Special Projects said the interested parties were also attracted to the fact that the seller will create the title and deliver an approved, serviced, cleared and compacted site ready for development.
“The opportunity to acquire a 7ha vacant residential site within Brisbane LGA is rare, especially when it is located in close proximity to a variety of shopping, educational, community, public transport and recreational facilities.
“Darra is approximately 16km south-west of Brisbane CBD and is within easy access to Ipswich Motorway and Centenary Highway as well as Oxley and Darra train stations,” Mr Williams said.