13,472m2* site with partially commenced unit project in the Capalaba Business Precinct with approval for a 271 unit apartment project comprising 209 x 2 bedroom and 62 x 3 bedroom units.

The development was to be delivered over 3 stages:

– Stage 1 – Building’s A & B: 98 units;

– Stage 2 – Building’s F: 46 units;

– Stage 3 – Building’s C, D & E: 127 units.

Substantial basement car park works were undertaken for Buildings A, B & F and 36 unconditional pre-sales achieved.

The general level of interest in relation to the opportunity was positive with over sixty (60) enquiries received throughout the course of the marketing campaign.

A variety of feedback was received from interested parties in respect to their intentions for the site. These include continuing with the approved scheme or undertaking alternative developments in the form of townhouses or aged care.

Most of the groups advised that they were not attributing much if any value for the pre-sales undertaken as they believe that due to the majority having been sold with NRAS and also with sunset dates imminent that they expect only a small percentage would be likely to proceed.

A number of groups who were active in the development and sale of medium density projects of this nature believed that it would be a very difficult project to finance given the location and the lack of comparative high density projects in this location.

Sale Analysis*
Method of Sale:Expressions of Interest
Marketing Timeframe:6 Weeks
Sale Date:November 2013
Total Enquires:64
Total Realisation:$3,750,000