A private investor has purchased an 809sq m property in Brisbane’s inner suburbs for $1.46 million, with an existing Development Approval in place.
A private investor has purchased an 809sq m property in Brisbane’s inner suburbs for $1.46 million, with an existing Development Approval in place.
Exclusive marketing agent Will Carman of Savills negotiated the deal of the Toowong property, located at 104 Sherwood Road.
Executive of Commercial Sales, Will Carman, said the buyer has plans to obtain a new Development Approval to build six town homes over three levels.
“This move by the buyer shows the strength that we are seeing within the detached dwelling market, rather than units.”
The existing DA allows the property to be developed with a total approved floor area of 1,157sq m over three storeys.
The sales campaign attracted a high level of interest, with 154 interested parties identified, and seven formal offers received.
“The property was extremely well received in the market, with the end product focusing on the owner occupier market with detached dwellings to suit the current market conditions,’ Mr Carman said.
The property is located approximately 4km from the Brisbane CBD, close to the thriving local commercial and shopping precincts.
“Properties in good areas with access to infrastructure and public transport are proving to be well received in the current market,
“Toowong is a highly sought after suburb within the Inner West, as it provides great access to retail amenity and the nearby university,” Mr Carman said.