Buyers snap up new acreage lots to build luxury homes on former chicken farm
A selling frenzy has seen buyers sign up for millions of dollars worth of highly prized new acreage blocks just 35 minutes from Brisbane.
Redlands Coast
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Buyers have signed up for more than $16 million worth of land in a new luxury Thornlands acreage estate – within four weeks of the project hitting the market.
Signed expressions of interest and contracts have been placed on half the 38 blocks at Parc, on the corner of Woodlands Drive and Taylor Rd.
The project will be created on two adjoining properties, including a former chicken farm, which had been held by the same family for more than 40 years.
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Parc marketing agent Kathy Tsai from RE/MAX Bayside Properties said the former owners had worked hard for more than a decade to put planning and development approvals in place, before selling to developer BriStar in April.
The project also incorporates 1ha of commercial space on the corner of the busy intersection, with the site likely to be used for a small neighbourhood supermarket or a childcare centre.
Commercial buyers have already expressed interest in the strategic location.
Parc’s new residential blocks, which range from 4000sq m to 6000sq m, are selling for between $800,000 and $900,000 each.
But it’s not difficult to see why they are being snapped up, when the tightly held acreage pocket mainly consists of $1 million-plus homes that are up to 30 years old – some in a knockdown state.
Ms Tsai said that due to changes in the Redland City town plan, Parc was likely to be the last acreage estate developed locally.
“It’s very affordable considering that most acreage properties in the area are selling for $1.2 million to $1.8 million – and the homes are generally 10 to 25 years old,” she said.
“So if anyone is looking for a custom build, to create their dream home, they can make that come true for between $1.5 million to $2 million.”
Ms Tsai said the record for a local acreage property was $3.55 million for 277 Woodlands Drive, which she sold in October, 2018.
The 11.5ha mostly cleared land included a 30-year-old three-bedroom, three-bathroom home with a study.
There was also a dam, a 9m by 27m powered shed plus a 7.5m by 7.5m garage.
Other local recent sales included: 6 Breckenridge Court for $1.775 million; 92-96 Ziegenfusz Rd which fetched $1.31 million, and 7 Callum Court at $1.28 million.
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Ms Tsai, who has been selling acreage in the area for about four years, said the prices reflected a limited supply.
“We do have more demand than the actual supply because it’s tightly held – and fine acreage doesn’t come on the market easily,” she said.
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Buyers at Parc are invited to engage their own builders, but there is a covenant to ensure designs meet minimum standards.
While it could take up to 18 months to develop the estate, BriStar hopes to demolish the existing farm buildings and break ground by early September, with title registration by mid-2020.
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