A BRISBANE developer has bought a 7.3 hectare site at Thornlands for $3 million.
It will be developed into a 34-lot subdivision and has been approved by Redland City Council.
Adam Rubie and Brendan Hogan of Colliers International ran a campaign for the site which generated more than 110 inquiries and six offers.
Mr Rubie said all prospective buyers were looking at subdividing given the land’s urban residential zoning.
“The developer will sell an existing residential dwelling and use the balance for a residential subdivision ... on an elevated part of the site surrounded by a significant area being dedicated to council for open space and rehabilitation,” he said.
“They plan for the lots to range in size from 360sqm to 500sqm.”
About 4.7ha will be open space or be rehabilitated.
Mr Hogan said demand for new homes was outstripping supply in the Redlands.
“In the last two years, the sales volumes of land in this region have increased by 26 per cent with an average sale price increasing by 7 per cent to $305,324,” he said.
“This is still some of the most affordable bayside living in Australia this close to a capital city.”
He said it was an ideally located residential corridor thanks to its bayside lifestyle, proximity to Brisbane and shopping, sporting, schooling and leisure facilities.
