Thornlands site snapped up by developer for residential lots

A Brisbane developer has purchased a 7.3 hectare site in Thornlands for $3 million, with plans for residential lots.

The site will be developed into a 34 lot subdivision, plans for which were recently approved by the The Redland City Council. 

The selling agents were Adam Rubie and Brendan Hogan of Colliers International.

The site was sold after an expressions of interest campaign.

“The developer will sell an existing residential dwelling and use the balance for a residential subdivision of 33 lots on an elevated part of the site surrounded by a significant area being dedicated to Council for open space and rehabilitation. They plan for the lots to range in size from 360 sqm to 500 sqm,” said Rubie.

Hogan added that demand for new homes is outstripping supply in the Redland City Council Area, which is why the developer interest.

“In the last two years, the sales volumes of land in this region have increased by 26 per cent with an average sale price increasing by 7 per cent to $305,324.

“This is still some of the most affordable bayside living in Australia this close to a capital city.”