A major home sale in Brisbane’s north has landed a woman $5.35m, as developers hunt for suitable land for new subdivisions.
The Bridgeman Downs property sold at roughly four times the part-price the owner had paid for it almost eight years ago.
The property had been owned by the woman and another party until 2015 when she bought out the man involved for $1.4 million.
An expansive four bedroom house is on the 1.624ha site, which was said to offer exciting potential for renovation, construction and development.
Real estate agent Matthew Fritzsche of Ray White’s Special Projects said the deal was part of almost two years of negotiations with JCV Developments, which saw the amalgamation of three properties – 61 Retreat Street, 15 Retreat Street and 19 Retreat Street.
He said all three owners were happy with the outcome including the owner of the 61 Retreat Street property who sold for $5.35m.
The land is zoned “emerging community”, with Bridgeman Downs having been identified by Brisbane City Council as suitable for residential development.
Mr Fritzsche said the Bridgeman Downs area had experienced growth as demand for land in Brisbane soared.
“It is a relatively new city location close to the CBD. It is surrounded by affluent acreage style homes,” he said. “The market for land near Brisbane city is strong.”
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The 61 Retreat St property was first marketed to developers in 2021 as part of the package deal with neighbouring 19 Retreat Street.
Together they totalled 2.2ha and were also submitted to Brisbane City Council for a 20-plus lot subdivision in 2020. The proposed lots ranged in size from 450sq m to 2,500sq m.
The new owner has submitted further applications for the subdivision project on site which are in the approval pipeline process.
Article source: www.realestate.com.au