50 Ashmore Street, Everton Park

Ray White Special Projects (Qld) marketed the 6.1 hectare prime development site situated at 50 Ashmore Street, Everton Park on behalf of a private family estate. The property was marketed via a 6 week, Expressions of Interest (EOI) campaign, which closed on Thursday 6 October 2016.

The site is zoned Low Medium Density Residential, Emerging Community and Rural under the Brisbane City Plan 2014, being suitable for a range of development options including medium density residential, aged care and retirement living.

The site had a number of significant planning challenges including a High Environmental Significance overlay (HES) and flooding overlay which burden the majority of the site, (see mapping above). The site had no planning approvals in place however technical documentation had been prepared prior to campaign commencement including a flood modelling report, which refuted some of Council’s flood mapping assumptions.

Throughout the campaign a number of groups undertook pre-lodgement meetings with Brisbane City Council (BCC). BCC raised concerns about how the HES overlay interfaces with the flooding overlay, in particular commenting that the lower lying portion of the site (which is clear of vegetation), may be deemed as a wetland area.

“Wetlands” are treated with the greatest scrutiny and highest level of ecological assessment. The overwhelming feedback from groups in their assessment of the site is that the HES overlay is the primary planning issue, and will have a major bearing on the ultimate development footprint and therefore yield.

Notwithstanding these constraints, we have received an overwhelming response to the targeted marketing campaign. The campaign targeted local, national and Asian buyers through various marketing mediums.

The serious interest was received primarily from private and publicly listed residential groups, most of which are based in or have a presence in South East Queensland, in addition to interest from interstate groups, particularly Sydney and Melbourne, and to a lesser extent retirement living and Asian groups.

At the completion of the campaign 209 enquiries were received and a total of 17 offers to purchase were put forward. The successful party was Mirvac who acquired the site for $13,250,000 with an indicative development yield of 96 townhouses.

The sale of 50 Ashmore Street, has set a new benchmark for the area, and Ray White Special Projects (QLD) were also able to achieve further development upside for the vendor with Mirvac committing an additional $75,000/dwelling to the sale price for every townhouse above the indicative yield of 96 townhouses.