A 31 HECTARE property earmarked for development on Woodlands Drive at Thornlands has been bought by south-east Queensland-based BriStar Group.
The property - at 157-197 Woodlands Drive - had a previous approval for 38 residential sites, a retirement and aged care component and a site for a neighbourhood centre.
BriStar Group paid $15.7 million for the site in a deal brokered by Ray White special projects Queensland executive directors Mark Creevey and Tony Williams.
Mr Creevey said development approvals already in place provided developers with highly sought-after security.
"The market for land parcels in south-east Queensland is buoyant right now and when one comes to market with development approvals, it attracts strong interest," Mr Creevey said.
"The campaign yielded more than 60 inquiries with eight expressions of interest received at the conclusion of the EOI process.
"The sellers had achieved a development approval across the site via a negotiated decision notice approval with the Redland City Council for 38 freehold residential allotments, a 3.67 hectare component approved for retirement and aged care, and a 1.01 hectare lot approved as a neighbourhood centre site."
Mr Creevey said the residential allotments ranged in size from 6000 square metres to 10,200 square metres, with an average of 6195 square metres.
Mr Williams said the asset offered an opportunity to deliver a premium acreage land estate in a highly sought-after bayside area.
"With supply of acreage allotments in south-east Queensland and Redlands being very limited, the site was well positioned to supply to a market place diminishing in opportunity for larger allotments to families seeking additional space and an alternative to the traditional lot sizes," Mr Williams said.
"The incoming developer has already had significant traction in the sale of the acreage lots off the plan with approximately 50 per cent of the lots spoken for."
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