A 2.39ha site with development approval for a neighbourhood shopping centre, childcare and service station has had the contracts signed and settled on the same day.
An expressions of interest campaign undertaken by Ray White Commercial QLD’s Michael Feltoe and Lachlan O’Keeffe on behalf of David Clout & Associates as receivers and managers, was one of the most competitive processes conducted in Australia last year.
The campaign generated over 400 unique enquiries, 17 written offers, eventually settling on the same day contracts were exchanged for a total of $10.5 million plus GST.
A lack of quality stock in the investment market has led to a local group of Queensland private investors purchasing the site.
“Shopping centre development sites in Queensland are rarely available for sale, because developers who create master planned communities typically hold or sell the completed investment product,” Mr Feltoe said.
“This was a unique situation where investors were able to compete against developers, to get involved in the development phase to create more value in the deal” stated Michael Feltoe.
Originally purchased from Coles back in 2017, the site comprises three separate development approved lots within the master-planned Springfield region, 22km south west of the Brisbane CBD.
“With 16 underbidders, we have just over $100 million of unallocated capital looking for development sites just like this,” Mr O’Keeffe said.
“This result reinforces the increasing demand and pricing for retail sites in south east Queensland despite upwards pressure on construction prices.”
