A development site in the heart of Bulimba has sold for $3.25 million during an expressions of interest campaign run by Ray White Commercial Milton. 

Located at 495 Hawthorne Road, Bulimba, the 1143sqm site currently comprises a 165sqm retail building and 11 car parks. 

Previously occupied by TAB, the property was sold vacant possession to local developer Cielo Property Group. 

The seller was a Melbourne based family looking to capitalise on the development potential of the property given the TAB vacated

Ray White Commercial Milton sales director David Highman said the property attracted a lot of interest due to the pending development approval. 

“Bulimba’s Oxford Street has flourished during and post academic - given the affluent residential catchment,” Mr Highman said. 

“Anything for sale in the area always attracts a large amount of attention and is seen by investors as a low risk, high capital growth investment. 

“This property was in a prominent Oxford Street location, on a corner block inbound to the CBD. 

“A development application has been submitted for 14 residential units, a cafe and a rooftop bar with a maximum building height of three storeys.”