BriStar Group pays $15.675M for approved Thornlands site

SOUTH-EAST Queensland based BriStar Group have paid $15,675,000 for a substantial site with development approval in the coastal suburb of Thornlands at 157-197 Woodlands Drive.

The asset was sold after a competitive and successful expressions of interest campaign and comprised a sizable 31ha* site.

The major deal was brokered by Ray White Special Projects Qld Executive Directors Mark Creevey and Tony Williams.

Mr Creevey said the development approvals that were already in place provided developers with highly sought-after security and that led to a strong campaign throughout.

“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 enquiries throughout 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 3.67ha* component approved for retirement and aged care, and a 1.01ha* lot approved as a neighbourhood centre site.

“Park residential allotments ranging in size from 6,000sq m* to 10,200sq m* (an average of 6,195sq m*) provide unique stock into the marketplace.”

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.

“Only 28km* south-east of the Brisbane CBD and 10km* from Cleveland CBD and train station, the site is near a vast array of local amenities and services including shopping, schools, recreation and parks.

“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.”

*Approximately.