A significant Narangba land holding has been sold providing a great opportunity for the development of a master-planned residential estate.

Colliers Queensland Director of Development Sites Adam Rubie said after a competitive expressions of interest process with over 100 enquiries and multiple offers the 19.66ha site has been sold and recently settled to prominent award winning local developer Trask Land.

Mr Rubie said the site at 9-17 Wheaton Street, 200 Mackie Road and 34 Boscoe Road, Narangba sold for $23.5 million.

“The scarcity of development opportunities of this scale for residential subdivision created strong interest in this property,” Adam Rubie said.

“The site was previously used as a quarry which has since ceased operation, providing a great opportunity for this developer to purchase a significant amount of land and to take advantage of the strong demand for new housing developments.”

“Queensland had the highest net interstate migration of any state and also has a critical housing shortage.

“This growth is expected to surge over the coming years and these sorts of sites will enable more residential development to accommodate this growth”, Adam Rubie added.

Colliers Queensland Director of Development Sites Brendan Hogan said the authories identified Narangba East as a Local Development Area Plan for future urban development.

“The property was in demand as it is situated in a high-quality infill location in the northern corridor of Brisbane. Narangba is an established residential neighbourhood which is home to an abundance of local schools, shops, cafés, restaurants and parks,” Brendan Hogan said.

“There has been a range of low to medium density housing product developed in the immediate area which has been well received by the marketplace.

“The suburb is well located in relation to a number of key employment nodes such as the North Lakes Business District and Caboolture CBD.

“The site is well connected to major highways, infrastructure and public transport amenity with Narangba Train Station located with 250m,” Brendan Hogan added.