Ray White Special Projects Qld undertook the marketing of a 2.33 Hectare residential development site located in the northern Brisbane suburb of Taigum located approximately 14.5km from the CBD.
The “in-fill” site provided a cleared, semi elevated vacant parcel with access to services and in close proximity a wide variety of local shopping, schools, public transport and recreational facilities.
The marketing campaign generated a total of 70 enquiries prior to the close of Expressions of Interest with 8 offers received. The site while approved for a total of 104 x 3 bedroom townhouses received interest from groups seeking to undertake a number of different end uses
including detached house / land and aged care. The origin of groups with interest was primarily SEQ based groups however
there was also interest from several interstate groups.
Many of the groups that were assessing the site for townhouse use felt that the yield was higher then they would accept with a high density for the size of the site (45 per hectare) and smaller product for 3 bed townhouse (100m2) which would require a marketing focus into the investor market. Feedback from these groups was they felt the site would be better suited to lower the yield from anywhere between 65 and 90 with larger product finished to a higher specification that would be targeted more towards the owner occupier market.
Interestingly quite a few groups identified that the local area is undersupplied with detached house and land product and assessed on this
basis. Retail prices for vacant land in the area ranged from $900 – $1000 per m2. Indicative yields reflected between 35 and 40 lots. Feedback in relation to this alternative was primarily around desire to delivery product aimedinto the owner occupier house and land market rather than the volume investor townhouse market which the existing approval was designed to cater to.
The property was purchased a prominent SEQ based project developer builder who will build to the approval with some minor changes to the design to their individual preferences.
|Method of Sale:
|Expressions of Interest
|Six (6) Weeks