JLL Metro Sales & Investments QLD have announced the sale of 197 – 207 Callaghan Road, Narangba on behalf of two separate vendors. 

Considered a premium development opportunity, the 10.8 hectare site is located in the fast-grwoing Moreton Bay region.

It is only 30km north of the Brisbane CBD and in Narangba, there is a strong annual population growth.

At a glance:

• The site is 10.8 hectares and located 30km from the Brisbane CBD
• The property sold for $8.7 million to local developer Trask Land
• It is located in the fast-growing Moreton Bay area

The area will also benefit from significant infrastructure spending including the newly opened University of Sunshine Coast’s Petrie campus.

The suburb is one of the best performing markets in the region. 

After receiving a number of unsolicited offers in recent years, JLL undertook a formal Expressions of Interest campaign and fielded over 80 enquiries from local, interstate and off-shore developers.

With multiple offers received, groups competitively bid for the site which saw the successful purchaser secure the property on cash unconditional terms.

"The key attraction of the site was the fact it was a large developable site in a suburb with a combination strong demand and revenues and limited supply of zoned land," said Sam Byrne, Senior Executive, JLL Metro Sales & Investments Queensland to WILLIAMS MEDIA.

The successful purchaser, local developer Trask Land, is proposing to undertake a land subdivision for a mix of terrace homes and larger homes lots, which adds to their existing pipeline in the immediate area.

"Their development application is currently being assessed by council and it’s anticipated they will start construction later this year," said Mr Byrne.

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