A 13,200 sqm site with frontage to the Kedron Brook in Mitchelton  has transacted for $9,900,000 to a retirement living provider, and with approval for 196 apartments  will assist with much needed housing for Brisbane.  

The Colliers Queensland Residential Development Site Sales team of Troy Linnane and James Matley transacted the sale at 1A Northmore Street Mitchelton on behalf of a national property group. 

Colliers Queensland Residential Development Site Sales Director Troy Linnane said high demand for  housing in the area and acute under supply, saw strong interest for this site from a range of  developers and aged care providers. 

“This was a particularly rare site as it is located in an established residential area with expansive  views over the Kedron Brook and parklands and close to the Brookside Shopping Centre,” Troy  Linnane said. 

“The fierce buyer interest reflected the market demand for infill residential development sites, and  with approval for 196 one, two and three bedroom apartments along with the potential for alternate  residential development outcomes a competitive rivalry ensued. 

“We received ten offers from apartment and townhouse developers as well as aged care groups,  with the ultimate buyer planning to provide much needed retirement living on the site,” Troy  Linnane added. 

Colliers Queensland Residential Site Sales Senior Executive James Matley said with a critical housing  supply shortage, against a backdrop of significant immigration and population growth and low  residential vacancy rates, South East Queensland would require around 900,000 new homes for  residents. 

“This has resulted in a surge in demand for development opportunities, but with this demand not  meeting the supply, sites like these are receiving a significant amount of buyer interest and getting  snapped up very quickly,” James Matley said. 

“With 312 meters of frontage to the Kedron Brook and a North-Easterly aspect over parkland and  proximity to retail amenity makes for a great retirement living site.

“With Australia’s aging population and baby boomers reaching retirement age and wanting to  downsize, the demand for aged care living is huge, there are a number of operators who have  missed out on this opportunity that we are now looking to place with similar sites,” James Matley  added. 

Related Readings 

Sierra a substantially completed and pre-sold development for sale by Colliers | The ASEAN Developer

12.55-Ha development site for sale by mortgagee through Colliers | The ASEAN Developer

$30M transaction: downsizing boomers cause Land Lease Community trend - Colliers | The ASEAN Developer

Clyde North mixed-use hub for sale by Colliers | The ASEAN Developer