Upper Mt Gravatt approved development site sold for $1.95m
A Brisbane development site with council approval for a nine-storey apartment building has been sold for $1.95 million.
Southeast
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A Brisbane development site with council approval for a nine-storey apartment building has been sold for $1.95 million.
The development application approved site at 563-565 Newnham Rd, Upper Mount Gravatt was sold by Ray White in the CBD recently.
The asset has two adjoining houses with a total land area of 1,396sq m and comes with easy access to the Pacific Motorway and Gateway Arterial.
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The site was marketed and sold by Ray White Special Projects Queensland’s Matthew Fritzsche and Andrew Burke.
Mr Fritzsche said the asset appealed to buyers due to its locational attributes and development approval for 54 units being in place already.
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“This sale comes at a time where we’re seeing renewed interest in unit development sites throughout Brisbane, with developers now actively seeking counter cyclical buying opportunities,” he said.
“Supply of new units is expected to taper significantly through the next few years in response principally to a difficult funding environment and lack of new projects being delivered to market.”
In 2016, Brisbane City Council approved the application.
There were a number of objections from local residents about the development.
They note the height of the building was “too high” and it was “inappropriate for the surrounding area”.
Mr Burke said there were multiple offers received for the site and it eventually sold to a local private developer.
“Buyers really appreciated the opportunity that was on offer and that translated into a competitive campaign with more than 35 inquiries,” he said.
“Being within walking distance to Westfield Garden City and public transport, and within close proximity to Sunnybank Plaza and Griffith University, were added drawcards.”
Mr Fritzsche told the Southern Star while the market had been slow due to an oversupply of units in recent years, there had been a “resurgence” in the past six months.
He noted the DA approval for the site had “greater appeal” and was “more rare” than the usual raw development sites.
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