A Brisbane developer has purchased a 7.3 hectare site in Thornlands for $3 million, which will be developed into a 34-lot subdivision, as recently approved by the Redland City Council.
Adam Rubie and Brendan Hogan of Colliers International ran the Expressions of Interest campaign for the site which generated over 110 enquiries and six offers.
“We received over 110 enquiries and 6 offers from both public and private developers, all looking at land subdivisions given the Urban Residential zoning,” said Mr Rubie.
“The developer will sell an existing residential dwelling and use the balance for a residential subdivision of 33 lots on an elevated part of the site surrounded by a significant area being dedicated to Council for open space and rehabilitation. They plan for the lots to range in size from 360sqm to 500sqm.”
Mr Hogan said the developers understand that demand for new homes is outstripping supply in the Redland City Council Area, hence why developers are chasing opportunities in this region.
“In the last two years, the sales volumes of land in this region have increased by 26 per cent with an average sale price increasing by 7 per cent to $305,324.
“This is still some of the most affordable bayside living in Australia this close to a capital city.”
This is an ideally located residential corridor in south east Queensland, thanks to its bayside lifestyle, its proximity to the Brisbane City, variety of shopping, sporting, schooling and leisure facilities, and access to main arterial roads and public transport.