Ray White Special Projects Qld undertook a Tender campaign for the sale of a 2.298 Hectare vacant residential development site on behalf of a Private
Mortgagee in August 2018. Located directly adjacent Capestone Master Planned estate only 2km from Westfield North Lakes and 600m from St Benedicts Primary and Secondary School and Mango Hill East Train Station. The site presented as cleared, near level site with access and services directly adjacent and a detention basin for management of storm water already constructed on the site. The designation of General Residential – Next Generation Precinct provided potential for densities ranging from 15 to 75 dwellings per hectare.
The marketing campaign drove strong interest with 119 enquiries received. There was a broad geographic spread of enquiry with groups from Sydney & Melbourne showing interest in the site however the vast majority of groups were local SEQ based having a strong awareness of the local Mango Hill market and planning scheme.
The most dominant market sector was generally represented by mid sized private development groups and builders. Given the zoning there were multiple end uses considered including
subdivision (house and land or land only), medium density (townhouses), and Aged Care and /or Retirement.
Those groups looks at subdivision indicated that they were assessing on the basis of yielding anywhere between 30 to 40 lots dependent on lot size with townhouse developers suggesting from 70 – 80 townhouses based upon a net developable area of approx 2 Ha once the detention basin was taken into account.
The Tender Campaign generated a total of 22 offers which is a reflection of the strong interest from the market for sites which offer few if any planning or infrastructure complaints in an area with proven demand for completed residential product. After shortlisting three (3) groups for best and final offers the mortgagee entered into an unconditional contract.
|Method of Sale:||Tender|
|Marketing Timeframe:||Six Weeks|
|Sale Date:||August 2018|