A private Brisbane developer has purchased a 3,722sqm site in Red Hill for $4.915 million with plans to develop 20 high end townhomes and/or small lots on the site, subject to Council approval.
The site, which is located at 102-112 Fulcher Road, Red Hill is currently improved by four residential dwellings and was sold off-market by Adam Rubie and Brendan Hogan of Colliers International.
The same agents sold a portion of the site (102-110 Fulcher Road) to the previous owner two years ago for $3.1 million on behalf of the Broncos Leagues Club.
After the original purchase, the owner then subsequently acquired the adjoining property at 112 Fulcher Road to extend the site offering, and achieved DA approval for eight townhomes and 24 units.
“This is going to be one of the only new planned residential developments in Red Hill, so the developer showed particular interest in the site due to the near zero new supply in the area, as well as the close proximity to the Brisbane CBD,” said Mr Rubie.
“They understand the value in townhome and land lot offerings, so they are reconfiguring it to suit the current market environment to ensure successful delivery of a project that will be well received by the market place.”