Brisbane based developer Estates Co. has purchased a 1.91ha site at Hemmant in Brisbane’s east for $4.715 million, and has lodged plans with Council for development of the land into 29 home sites ranging in size from 400 to 2,300sqm.
The site, located at 30 Oswald Street in Hemmant, is only 10km east from the Brisbane CBD, and one of a handful of sites available in Brisbane’s eastern suburbs. It is currently improved by a single residential dwelling.
Jason Dao, Executive of Residential at Colliers International who negotiated the off-market sale, identified the site as a potential development opportunity on behalf of the buyer, and approached the owner of the property.
“Estates Co. is constantly looking for infill sites in close proximity to the Brisbane CBD,” said Mr Dao.
“I identified this particular site as the Brisbane City Council has recently changed the zoning from rural to residential, and recognised the area for emerging communities to attract further, though limited, development.
“This site particularly suited Estates Co. with its ideal location in Brisbane City where available residential land is fast diminishing. It is inevitable that developers will be forced to search further afield.”