A 2.68 hectare development site in Everton Hills has been acquired by Sunland Group, property developers, for $6 million (including GST).
The site is located on the corner of 10 Francis Road and was acquired by expression of interest from a private vendor. Settlement is scheduled to occur in November.
Sunland Managing Director Sahba Abedian said the site is earmarked for a medium-density residential development comprising 91 townhomes with an estimated end value of $47 million.
“We are very pleased to secure this prime infill site in Brisbane’s growing northern suburbs and further expand our portfolio in south-east Queensland,” Mr Abedian said.
“Everton Hills is an established community located in close proximity to numerous leading schools, public transport and local shopping centres.
“Our vision for this site is to deliver a design outcome which combines leading architecture and urban planning to create a vibrant community environment.
“This amenity will be further complemented by a large central park and the preservation of a 5,200sqm portion of the site adjoining the neighbouring bushland, further protecting the privacy and natural beauty of the site.”
Sunland’s other developments in Brisbane include the sold-out luxury Abian residential tower under construction in the CBD, and the recently-launched Shea Residences in St Lucia, comprising 28 luxury homes.
The Group’s national portfolio comprises in excess of 6,000 residential housing, urban development and multi-storey products along Australia’s east coast with an estimated end value of $3.7 billion.
Colliers’ agents Brendan Hogan, Associate Director Residential at Colliers International, with colleague Adam Rubie, managed the sale and said the property attracted hundreds of prospective buyers.
“The expression of interest campaign for 10 Francis Road, Everton Hills attracted over 100 enquiries. The site was keenly contested and the successful buyer was Sunland with an unconditional offer at $6 million. We received strong interest from a range of buyers – from institutional and private groups as well as offshore buyers.
“Infill sites of this nature are rarely offered in the middle ring suburbs of Brisbane and Sunland will look to develop a high quality residential community on the site after working through the approval process,” said Mr. Hogan said.