The subject site comprised a 2.66 Ha parcel of land over 3 titles situated within the suburb of Springfield Lakes, 30 mins south west of the Brisbane CBD. Located in close proximity to shopping, child care, primary and secondary schools, rail, health and tertiary education the site is elevated with an outlook over Springfield Lake.

The property was offered for sale with a current development approval for 126 townhouses (100 x 3 bedroom and 26 x 2 bedroom) over 4 stages. A previous approval existed for 166 residential apartments over 6 levels.

The level of response to the offering was strong with 69 enquiries received throughout the campaign with very positive feedback about the location of the site and the significant level of amenity and infrastructure in general within the Springfield Region.

Interest was received from a range of local, SEQ and interstate developer and building groups with a focus on lower density residential development options including detached housing, townhouses, retirement and aged care. Groups with a focus on townhouses indicated a preference for 3 bedroom product over 2 bedroom which they indicated had less demand from the market. They were also conscious of competition in the market from detached small lot house and land product being produced in nearby land estates.

The successful purchaser was am SEQ based project developer / builder who is seeking to utilise the existing approval for townhouses with some minor amendments to layout, building design etc.

Sale Analysis*
Vendor:Private Owners
Method of Sale:Expressions of Interest
Marketing Timeframe:Six Weeks
Total Enquiries:69
Sale Date:August 2016
Realisation:$6,600,000 (Excl. GST)