Band of Brothers Sell Sites for $2.55 Million

Band of Brothers Sell Sites for $2.55 Million

A development opportunity at Greenslopes in Brisbane’s inner south which was offered for sale by three adjoining owners has been sold by Ray White Special Projects (Qld) for $2.55 million.

The approximately 1,821 sqm offering at 40, 42 and 44 Ellis Street, Greenslopes, was sold to South East Queensland builder/developer Siera Group by Ray White Special Project Qld’s Matthew Fritzsche on behalf of private owners.

Matthew Fritzsche said the three separate owners of the Ellis St properties, who are brothers, joined together as a family force to create the development opportunity (STCA) in the highly sought after location.

“This site was purchased by a local builder developer following a six week Expressions of Interest campaign,” he said.

“The buyer intends to refurbish the three existing houses in keeping with the local character and sell them. At the rear of the amalgamated site they will construct a mix of two and three bedroom units aimed at the owner occupier market.

“The upper levels of any new build will potentially have Brisbane CBD views and the site is close to the Princess Alexandra and Greenslopes Private Hospital and walking distance to Stones Corner, Coorparoo Square, buses and rail transport.

“The achieved sales price represents a premium when compared to individual house prices in the area as the increased land area allowed for greater scope for development.”