Vacant 3.6ha Redbank site sells for $2M, makes way for potential development of 54 townhomes

The $2 million sale of a vacant block in a booming Ipswich corridor could signal hope for locals who have been hard-hit by the housing crisis. HERE’S WHY

A huge 3.6ha development site located within a booming Ipswich corridor has reportedly sold for $2 million, and could help to address the region’s dire housing shortage.

According to CoreLogic data, the block of land at 11 Collingwood Dr, Redbank was recently sold by Savills agent Robert Dunne to Brisbane-based property group Tri Waves Developers Pty Ltd for $2.09 million.

It was previously owned by BHL No.1 Pty Ltd.

The site has an existing approval for 54 townhomes across five stages, comprising: two two-bedroom homes and 10 three-bedroom homes in stage one; 10 three-bedroom homes in stage two; 12 three-bedroom homes in stage three; three two-bedroom homes and eight three-bedroom homes in stage four; and nine three-bedroom homes in stage five.

The huge 3.6ha site was sold to a Brisbane-based developer for about $2 million.

Ample carparking spaces — 112, including 54 car parks in the ground level garages and 58 visitor spaces — have also been proposed to service the development.

“The proposed townhomes have been designed as two-level detached units and considerate to the topography constraints and surrounding built form,” a development report read.

The site has 238-metre frontage to Old Ipswich Rd, 75-metre frontage to Duncan St, and 117-metre frontage to Collingwood Dr.

Plans for the development were submitted by BHL to Ipswich City Council in May 2015 and approved in November that same year. The approval has since been extended.

It was proposed at the time that there would be six types of homes, some of which would have access to green space and community gardens.

The sale comes as Ipswich reaches a record rental vacancy low for the past decade of 0.6 per cent and families across the region struggle to keep a roof over their heads.

A new report by the Real Estate Institute of Queensland for the March 2022 quarter revealed record or equal-record lows were reached in 28 of the 50 local government areas and sub regions assessed. All areas but one were said to be experiencing an extremely “tight” market.

REIQ CEO Antonia Mercorella said Queensland’s “steep population boost” from interstate migration and the February flooding disaster were key contributors to the record low vacancy rates regional markets, such as Ipswich, are currently experiencing.