Boutique Development Sites in Brisbane Growth Corridor Hit the Market

A demand-driven market shift for affordable convenient living is expected to generate strong interest from builders and developers in two approved boutique development sites on the north side of Brisbane.

The sites occupy a prime boulevard setting across from the lake in one of Brisbane’s most successful masterplanned communities, Capestone Mango Hill, only 5 minutes to Westfield and North Lakes Town Centre.

CBRE head of metropolitan investments and development site specialist Jon Quayle is managing the sale of the “shovel ready” sites via a national expressions of interest campaign.

Zoned medium-density residential, the cleared and vacant Napier Avenue properties are 1,040sq m and 1,108sq m respectively with development and building approvals for boutique apartment developments comprising 17 predominantly 3-bedroom apartments in each.

Quayle said the Mango Hill and North Lakes region is recognised as one of Australia's leading growth markets for population, infrastructure and employment.

“Which has contributed to a 25 per cent increase in median house prices in Mango Hill over the past 5 years,” Quayle said.

“This growth, coupled with the emergence of dedicated local industry, retail and lifestyle amenity and the soon to open nearby University of the Sunshine Coast campus, has seen a push by owners and investors for more affordable dwellings to cater for the demographic shift and second generation residents who want to stay in the region but with the benefit of affordability and convenience over a traditional house,” Quayle said.

The Capestone development sites are located within 300 metres of a future shopping village, 400 metres to a recently opened childcare centre and has easy access to 4 leading primary and secondary schools within a 1.5 kilometres radius.

Quayle said that a game changer for the success of apartments in the area was the opening of the Moreton Bay rail link, with the East Mango Hill Station only 500m away creating easy access to the new university, Brisbane CBD and beyond.

“There has been just one other apartment building delivered in the immediate area which was completed last year and is of comparable design, bulk and scale to what is proposed for the 56 & 64 Napier Avenue sites,” Quayle said.

“Individual apartments sold in that building for prices up to $462,000 including a resale late last year for more than its original purchase price.

“Evidently demand exists for new, good sized apartments in the area yet there is still a lack of this product.

“This is the opportunity that exists for a builder or developer to take advantage of by securing one or both of these rare approved medium density development sites.”

56 & 64 Napier Avenue, Mango Hill will be sold individually or as a pair with expressions of interest closing at 4pm, 2 May 2019.

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