Birkdale Development Site Sold for $1.518 Million

 Birkdale Development Site Sold for $1.518 Million

A development site with approvals in place in the highly sought after Brisbane bayside suburb of Birkdale has been sold by Ray White Commercial for $1.518 million.

The 3153 sqm site at 232 Birkdale Road, Birkdale, was sold to a local private developer by Ray White Commercial Bayside’s Nathan Moore and Ray White Special Project Qld’s Matthew Fritzsche and Andrew Burke on behalf of a private owner.

Nathan Moore said the ‘Medium Density Residential’ zoned site with two street frontage had been approved for a residential development comprising 16 apartments spread across a multi-level building.

He said the Expressions of Interest marketing campaign attracted 52 enquiries and 11 offers to purchase with the majority of interested parties commenting that a new approval would be required to better reflect the current market.

Matthew Fritzsche said: “Most groups looked at the site from the perspective of a townhouse development with a yield ranging from 12 to 18 townhouses depending on floor areas and configuration.

“Ray White received multiple offers and shortlisted three groups, with the successful party securing the site for $1,518,000, with the intention of converting the scheme to high quality townhouses.”

Andrew Burke said: “Birkdale is well serviced by a wide range of services and amenities including the Birkdale Shopping Centre, public and private schools, medical facilities and public transport. Further, the site is advantaged by its two-street frontage and water views.

“Birkdale is close to Moreton Bay and a wide range of recreation and dining facilities,” he said.