Strong interest as Mango Hill development site sells for $5.2 million
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Nov 28, 2018
Strong interest as Mango Hill development site sells for $5.2 million
A 2.298 ha residential development site has been sold to Brisbane-based property developer Unison Projects for $5.2 million at Lot 3, Stodart Terrace, Mango Hill by Ray White Special Projects Queensland.
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Image supplied by Ray White Special Projects QldPictured: Lot 3, Stodart Terrace, Mango Hill.
The asset, which was sold following a tender campaign, attracted strong interest with total enquiry numbers in the triple figures and more than 20 offers received.
The deal was brokered by Ray White Special Projects Queensland Executive Directors Mark Creevey and Tony Williams.
Mr Creevey said the strength of interest reflected the current demand for sites which offer few if any, planning or infrastructure constraints in an area with a proven demand for a completed residential product.
Related reading: Ray White Special Projects fielding strong inquiry for Mango Hill redevelopment site
“There was a high level of appreciation throughout the campaign of what this particular site could deliver, with a total of 119 enquiries received,” he said.
“There was a broad geographic of potential buyers with groups from Sydney and Melbourne showing interest in the asset but the vast majority of groups were local to south-east Queensland and had knowledge of the Mango Hill market and planning scheme.
Pictured: Lot 3, Stodart Terrace, Mango Hill. Image supplied by Ray White Special Projects Queensland.
“The most dominant market sector was generally represented by mid-sized private development groups and builders.
“The tender campaign generated a total of 22 offers and after shortlisting a final three, Unison Projects was chosen by the seller, and an unconditional contract was signed.”
Mr Williams said the location of the site and the diverse development opportunities made the site even more appealing to a variety of buyers.
“It’s located adjacent to Capestone Estate, only 2km* from Westfield North Lakes and 600m* from St Benedicts Primary and Secondary School, as well as Mango East rail station,” he said.
“The site presented as a cleared, near-level site with access and services directly adjacent, and a detention basin for management of stormwater already constructed on the site.
“Given the zoning, there were multiple end-uses considered, including subdivision (house and land or land only), and medium density (townhouses).
*Approximately.
Visit the Ray White Special Projects QLD website to view all properties for sale.
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Read more about Ray White Special Projects:
Multi-purpose site at Kenmore Hills available through Ray White Special Projects
Expressions of interest for substantial rural residential site in Maryborough
Contact Details:
Mark Creevey
Ray White Special Projects Queensland Executive Director
0408 992 222
Tony Williams
Ray White Special Projects Queensland Executive Director
0411 822 544
