Koalas will have a 35ha safe haven at Mount Cotton after an environment investment fund spent millions to win a rare acreage property at auction against nine other bidders.
Private investment initiative The Koala Fund spent $4.6 million on Bailey's Ridge at West Mount Cotton Road and will use the property as offset land which can be leased to developers.
The fund was was set up by investors to buy land to help save koalas and the environment.
The Mount Cotton land had previously been used for farming and was not suitable for development.
Ray White Rural lifestyle and acreage specialist Rhondda Arentz said Bailey's Ridge had a rich history.
"It's a beautiful 35 hectare parcel which borders the Venman National Park on two sides and has Bailey's Creek running along the back boundary," she said.
"The Holzhapsal Family was one of the early families to settle in the area in the late 1800s and five generations worked on the land.
"In the early days the original owners used it for growing vegetables, strawberries, watermelon and cauliflower.
"They grazed their cattle and their livestock on the land, and right up to present days that's what it has primarily been used for."
Ms Arentz said the property said most bidders saw potential for the properties for families looking for a new lifestyle.
"We had expected somebody to buy the property to build a home and have an inner city farm," she said.
"We had quite a lot of interest in that space but the Koala Fund saw a different use and they were the ones who were ready to perform on auction day.
"We had an opening bid at 4 million and a lot of those bidders were out by then but we had some competitive bidding from 4 million by three parties."
She said Bailey's Ridge was a rare find in the Redlands.
"They are not common because the Redlands has been through a period where developers have taken a lot of the acreage land," she said.
"This spot at West Mount Cotton Road is rare for rural property and most properties that do have acreage only have about 8-12 hectares, so 35 was a really rare offering."
Ms Arentz said the community was pleased to see a property like Bailey's Ridge go to a good cause.
"I've never seen so many positive comments from people about a sale."
"It's is something that I think there's a real passion in the community for this kind of thing aand the property is very specialised to it suits this kind of venture."
"Because it's located to close to the adjoining national Park and because the area is very much under developed it was very appealing to the Koala fund."
Emily Lowe
Redland City Bulletin journalist covering community, politics, crime and human interest stories. Griffith University Alumni.
Redland City Bulletin journalist covering community, politics, crime and human interest stories. Griffith University Alumni.
