REDLAND residential estate developer Joe Fiteni has bought Wellington Point’s 7.7hectare Botanix site this morning for $6.85million, the highest valued land sale in Redland City this year.
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The mortgagee auction was at the former flower farm and nursery site at 614 Main Road, Wellington Point.
Bidding started at $5million and quickly jumped to $5.5million after McGees Isles Love agent Gavin Moore spoke with owners, a company called XYZ Investments.
A bidder for Mr Fiteni and another developer from outside Redland, pushed the price up to $6.4million, where bidding stopped, before more negotiations with the owners.
The land, zoned urban non-rural, will have to be rezoned by Redland City Council before it can be sub-divided or developed for housing.
The block, once owned by former caravan salesman John Creswick, has been vacant for 18 months since a hardware store shut shop in 2010.
The former flower farm was transformed into a Garden and Lifestyle Centre to service Redland in 2005.
The property, known as Botanix, was bought by Creswick's Brisbane-based RV and Caravan Group for an undisclosed amount in August 2010, when it was being marketed for offers of more than $7.5million.
Mr Creswick had planned to redevelop the site, on the corner of Main and Nelson roads, into a major home base for recreational vehicles.
The site has been occupied by businesses including a garden centre, hardware sales and landscape supplies, a nursery, a restaurant, a leisure and conference centre and two houses.
The property is bordered by three streets.
The site, about 26km from Brisbane CBD, has always attracted interest from developers, community organisations, property developers and aged-care developers.
