Kenmore is an affluent suburb in Brisbane’s in demand ‘middle ring’.
Key marketing features of the asset included:
• 1.496* hectares on two titles
• Existing DA for 11 lot subdivision (house on own title)
• Would suit townhouse development (STCA^)
• Large architect designed two storey house – four bedrooms, study, northern views, large rumpus room, pool and tennis court
• 10kms* to the Brisbane CBD
• Zoned Emerging Community
Buyer interest was predominantly from SE Qld based developers although there was some minor interest from interstate developers seeking “infill developments”. Although it was initially envisaged a townhouse development was likely to be the highest and best use, throughout the course of the campaign it became apparent the vast majority of buyers intended to develop as per the existing subdivision approval (the extended development process of nearby sites seeking townhouses was the reason developers deemed townhouses of 29 – 31 Gem Road as too much of a planning risk).
The auction attracted 7 registered bidders and although was passed in, attracted much post auction interest culminating in several offers. The asset was sold within 3 days of auction at a price above nominated reserve.
The buyer intends to develop as a land subdivision (although will slightly increase amount of proposed lots).
|Method of Sale:||Auction|
|Marketing Timeframe:||5.5 weeks|
|Sale Date:||September 2017|
|Sale Price:||$3,980,000 (Margin Scheme)|