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News release

BRISBANE

Kessels Road site sale sets new land rate record at JLL auction

A redevelopment site at 507 Kessels Road in MacGregor has sold for $3.2million at auction by JLL


A redevelopment site at 507 Kessels Road in MacGregor has sold for $3.2million at auction by JLL.

The sale realised a record land rate of $967/sqm, in what was an excellent result, according to JLL's Blake Goddard and Elliott O'Shea from the Metro Sales & Investments team.

"The 3,308sqm cleared parcel of land was a prime target for retail redevelopment, particularly given it is located at the intersection of Mains and Kessels Road," said Mr Goddard.

The campaign fielded over 50 enquiries from a range of buyers including developers, opportunistic investors and owner occupiers and resulted in 13 registered bidders on auction day.

"The result exceeded vendor's expectations and underpins the continued demand for retail development opportunities within the Brisbane metro market," said Mr O'Shea.