288-302 Bowen Terrace, New Farm

The sale is a prime fully approved residential development site, situated in the prestigious inner city suburb of New Farm.

The sale comprises two contiguous allotments, which form a 1,350m² irregular shaped inside site, with dual street frontage, situated at road height, and a southerly aspect.

The site is zoned “Low Medium Density Residential (2 or 3 Storey Mix)”, and is within the Low Medium Density Living Precinct of the New Farm and Teneriffe Hill Neighbourhood Plan.

The site was purchased with approval for a boutique residential development comprising 7 high quality single unit dwellings on freehold allotments.

New Farm is located approximately 2 kilometres east of the Brisbane CBD, and is a prestigious inner city suburb.

The sale occupies a highly desirable position, on a quiet tree lined street, central to a diverse range of restaurant and cafe precincts, boutique shopping, transport and entertainment.

The property was offered to the market via a four (4) week marketing campaign, which closed on Tuesday 7 July 2015.

At the completion of the campaign 124 enquiries had been received, and a total of 9 offers to purchase were put forward. The successful party was Kenlynn Development Corporation, who acquired the site for $4,000,000.

The high volume of enquiries received throughout the campaign, along with the strength of the offers put forward are considered to underline the high demand for boutique development sites which appeal to the owner occupier market in greater Brisbane.