Property in the north-west Brisbane suburb of Gaythorne has sold for $8.18 million to Prospect Road Development Pty Ltd, a locally-based investor with ties to Asia.
The 51 Prospect Road site, spanning 3.88 hectares, is currently improved by industrial warehouses with total gross lettable area of 13,286sqm.
Colliers International said the off market campaign was a good example of the connectivity between its offices in Australia and Asia.
The Indonesia-based vendor was introduced by Sam Biggins, who runs Colliers’ Australia and New Zealand desk for Asia from Singapore.
Adam Rubie and Brendan Hogan from Colliers International residential development site team in Brisbane executed the campaign domestically.
Mr Rubie said they had a total of five offers and sold the site unconditionally within three weeks.
“The buyer saw potential due to it being a higher density development opportunity and substantial land holding in an excellent location, surrounded by local amenity and infrastructure," Mr Rubie said.
“Currently there is a minimal supply of medium density residential land in this region. The area was rezoned as part of the new city plan in 2014 and allows for a maximum building height of six storeys.
“The purchaser plans to remediate the site and pre-lodge development plans to Brisbane City Council in the next few months.""It will most likely be for a residential development in accordance with the Council’s current plan,” said Mr Rubie.
Brisbane City Council rezoned the area from industry to residential to encourage remediation and further development.