Victoria Point properties sell in JLL deals as investor/developer interest piques
Brisbane's bayside area begins a lifestyle-based boom in buyer appeal.
BRISBANE, 24 May 2018 – Developers and investors are turning their eyes and dollars towards Brisbane's bayside as the area begins a lifestyle-based boom in buyer appeal. This is reflected in two recent sales in Victoria Point, both negotiated by JLL's Metro Sales & Investments Executive Andrew Havig, for a total of $4.2million.
The first of the sales, the combined properties at 1-3 Colburn Avenue & 6 Masters Avenue, was sold through a formal Expressions of Interest campaign, while the adjoining property at 4 Masters Avenue was sold off-market for another client. "Both sales represented the opportunity to acquire rarely available bayside properties with water views and strong fundamentals. These results and the level of interest we saw from developers and investors is a reflection in the emergence of the Redlands as a hotspot," said Mr Havig.
"This area is a popular residential and lifestyle destination for families, downsizers and retirees. As such, the Expressions of Interest campaign on 1-3 Colburn Avenue & 6 Masters had interest for aged care and retirement, as well as from developers who saw the opportunity to capitalise on the site's idyllic location to create a boutique owner-occupier style residential development."
"Due to its close proximity to Moreton Bay, owner-occupier market and strong growth prospects, the Redlands has become a location of interest for developers and investors. Many groups we engaged with are still seeking sites for projects or to invest within the area," he said.
The properties at 1-3 Colburn Avenue & 6 Masters Avenue combine into a 1,611sqm site of three lots and command a total 75m of frontage over Colburn Avenue and Masters Avenue. The large regular shaped parcel provides flexible development outcomes and excellent access from Colburn and Masters Avenue.
After fielding strong enquiry from 40 parties, and receiving multiple offers at the close of the campaign, according to records the combined property was sold for $2,400,000.
"The buyer was a private group of Chinese origin, with the sale completed on cash unconditional terms," said Mr Havig. "The property is currently improved by the long trading Rock'n'Roll Kiosk, Wishing Well Café and a residential cottage, and the buyer plans to develop the property further in the future."
The adjoining property at 4 Masters Avenue, sold off-market, was purchased by a Queensland-based development group who similarly moved quickly to secure the property on cash unconditional terms for $1,800,000.
"This price reflects a rate of $1,470/sqm which is excellent for this emerging boom area," said Mr Havig.
4 Masters Avenue is a 1,224sqm site currently improved by two residential dwellings and has a DA in place.
Families and retirees are drawn to Victoria Point for its natural, exclusive beauty overlooking Moreton Bay. The Property is near a multitude of beaches, parks and esplanades which makes it a popular lifestyle and recreational destination.
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