Ray White Special Projects (Qld) marketed the 6.1 hectare prime development site situated at 50 Ashmore Street, Everton Park on behalf of a private family estate. The property was marketed via a 6 week, Expressions of Interest (EOI) campaign, which closed on Thursday 6 October 2016.

The site is zoned Low Medium Density Residential, Emerging Community and Rural under the Brisbane City Plan 2014, being suitable for a range of development options including medium density residential, aged care and retirement living.

The site had a number of planning challenges including a High Environmental Significance overlay (HES) and flooding overlay which burden part of the site. The site had no planning approvals in place however technical documentation had been prepared prior to campaign commencement.

The serious interest was received primarily from private and publicly listed residential groups, most of which are based in or have a presence in South East Queensland, in addition to interest from interstate groups, particularly Sydney and Melbourne, and to a lesser extent retirement living and Asian groups.

At the completion of the campaign 209 enquiries were received and a total of 17 offers to purchase were put forward. The successful party was Mirvac who acquired the site for $13,250,000 with an indicative development yield of 96 townhouses.

The sale of 50 Ashmore Street, has set a new benchmark for the area.

Sale Analysis*
Vendor:Private Family Estate
Method of Sale:Expressions of Interest
Marketing Timeframe:Six weeks
Total Enquiries:209
Pre-Lodgement Meetings:8
Offers Received:17
Purchaser:Mirvac
Sale Price:$13,250,000 (Margin Scheme)