A local Sydney/Brisbane private syndicate has beaten a slew of competitive locals and snapped up a residential development site in the premium inner southern suburb of Greenslopes, just 4km south east of the Brisbane CBD for $2.45m.
Located at 100 Nicholson Street, IVIE Residence is a boutique townhouse development site with the opportunity to develop Stage 2, which comprises 21 premium townhouses offering 9 x 3 bedrooms and 12 x 4 bedrooms, serviced by 43 car parks.
The approximate 3,489sq m site is zoned LMR2 low medium density residential (2 or 3 storey mix) and has strong connectivity to Greenslopes Private Hospital, Greenslopes Shopping Mall and public transport with bus services available within 300 metres and was sold by Robert Dunne and Will Carman of Savills Australia.
According to Robert Dunne, Director, Commercial Sales, at Savills Australia, this is an exciting opportunity to develop the final stage of IVIE Residence, a multi-stage development comprising 26 x 3-storey townhouses.
“Stage 1 has been completed and contains 5 x 4 bedroom townhouses with direct frontage to Nicholson Street and Stage 2 is approved and ready to go.”
Mr Dunne went on to say the campaign confirmed the strong track record of demand within a low interest rate environment, with 100 Nicholson Street identifying 192 interested parties and 69 Due Diligence distributed throughout the four week campaign.
According to Will Carman, Executive, Commercial Sales at Savills Australia, “Greenslopes is an established residential suburb that has a population of approximately 8,936 residents, which predominantly comprises independent youth and maturing or established independents. The median average weekly income in Greenslopes is $1,671, which sits above the Australian average.
“The median house price within Greenslopes is $720,000 with a median rent of $470 per week. In the last 12 months, Greenslopes has seen a 3.5% increase in the average house price with demand well above the Queensland average” he said.
Learn more about Savills Residential Site Sales.