$5.5 million Bracken Ridge house and land subdivision site sale
The demand for sites from the Sunshine Coast down to the Gold Coast is far outweighing supply, according to JLL Metropolitan Sales & Investments
Jonathan ChancellorSeptember 9, 2021
JLL has sold an approved land subdivision in Bracken Ridge for $5.55 million
The North Brisbane site attracted interest from more than 100 groups.
JLL QLD Metro Sales & Investments agents Jake Burrowes and Tim Jones secured the sale of 407 to 413 Bracken Ridge Road to an established Brisbane-based developer.
The two hectare site is zoned Emerging Community.
It was recently granted development approval for a 35-lot land subdivision, with lots ranging from 400sqm to 565sqm.
Jake Burrowes recently joined JLL from a town planning background to apply his knowledge and skill set to land opportunities across South East Queensland.
With the approval in place, the land generated significant interest from both local and interstate developers with very competitive bidding at the close,he said.
Mr Burrowes said the sale represented approximately $158,000 per approved lot.
“The demand for sites from the Sunshine Coast down the Gold Coast is far outweighing supply, and new pricing benchmarks are being achieved for both house and land, and townhouse subdivision opportunities, as developers look to secure their next projects.”
JLL Metropolitan Sales & Investments confirmed the sale marks more than $100 million in settled development site sales for JLL this year,
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.