Margate development site smashes $2M

A DEVELOPMENT site in the heart of the Redcliffe Peninsula has sold for $2.05M following a strong expressions of interest campaign at 8-10 Duffield Road, Margate.

The asset came with a 2,430sq m* land area and was a flat, cleared site, that stretched over three allotments.

The site was marketed and sold by Ray White Special Projects Queensland Directors Matthew Fritzsche and Andrew Burke.

Mr Fritzsche said the asset was sold on behalf of a syndicate and was purchased by a local private group.

“We had a strong level of enquiry throughout the campaign, and the fact the process ended with multiple offers, highlights just how good the opportunity was,” he said.

“The purchaser’s intention is to develop the site into an apartment project, taking advantage of the proximity to the ocean and sea views stretching to Moreton Island.”

Mr Burke said the location of the site was a real drawcard with potential buyers with plenty of amenities on the doorstep.

“Being in the heart of the Redcliffe Peninsula means key facilities like schools, shops, medical, education and recreation are all in close proximity,” he said.

“To complement, you’ll only be 60* metres away from the Woolworths anchored MargateVillage shopping centre, and just 4km* to Kippa-Ring train station, offering a direct link to Brisbane CBD.”

*Approximately.