CARBONE Property Group has snapped up a waterfront Redland Bay spot for $2 million.
The development site - located at 111-149 Esplanade - has an existing development approval for a material change of use for a 28-unit apartment building.
Ray White's Matthew Fritzsche, who marketed and sold the property along with Andrew Burke, Nathan Moore and Jonathon Burrowes, said properties that had approvals already in place attracted a lot of attention from builders and developers.
The property sits north of the Weinam Creek Priority Development Area and in close proximity to Carbone's Sunderland apartment block.
It sits on about 2350 square metres made up of four adjoining allotments that formed a corner site with frontage to both Marine Street and The Esplanade.
"Carbone Property Group purchased the site and they see this as an extension to their nearby successful unit development in close proximity," Mr Burke said.
"They focus on all aspects of the residential and commercial property market, including acquisition, development, construction, management and sales."
The site had two homes.
Mr Burke said the land was of great historical significance and any multi-storey development would provide views of the bayside.
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