Park Ridge Site Sold for $6.75 Million

Park Ridge Site Sold for $6.75 Million

Adjoining properties with residential development potential (STCA) at Park Ridge in the southern Brisbane growth corridor have been sold for $6.75 million by Ray White Special Projects Queensland.

The two properties with a land area of approximately 8.605ha at 13 Koplick Road and 575 Chambers Flat Road, Park Ridge, were sold to leading residential property developer Villa World by Ray White Special Projects Qld’s Matthew Fritzsche.

Matthew Fritzsche said the sites were sold in an off-market transaction on behalf of a private local developer.

“These sites are on a corner position with three street frontage and are located near Frasers Property Australia’s ‘The Rise Estate’ in Park Ridge,” Matthew Fritzsche said.

“The property is well positioned to take advantage of existing and future infrastructure such as the proposed Woolworths anchored Park Ridge neighbourhood shopping centre, located approximately 1km to the north.

“The adjoining properties are currently zoned ‘emerging community’ which allows for residential development under the Park Ridge structure plan. There is a concept plan of a subdivision prepared by the vendor displaying a yield of 182 lots.”

Matthew Fritzsche said the residential land market in South East Queensland, particularly around Logan City, was continuing to be a strong performer.

“The achieved deal underlines the high demand for residential development sites within South East Queensland,” he said. “Development sites that attract interest share a similar profile of being close to amenities and transport.”

Park Ridge is located just 30 minutes south of the Brisbane CBD in a growth corridor earmarked for substantial future growth.

“In recent years this corridor has attracted the attention of a number of market leading property groups,” Mr Fritzsche said.