AUCTION FLOP: Housing development goes under hammer
A FULLY approved housing development site has been listed for sale, with the owner calling for expressions of interest.
Though an “urgent” sale on the property saw it scheduled to go under the hammer on Friday, December 18, the Raceview land did not sell at auction.
Ray White sales agent John Galloway said the highest bid fell short of the reserve, with an offer 50 per cent of what the owner sought.
“It didn’t sell, it passed in at $750,000,” Mr Galloway said.
“The owner was seeking at least $1,500,000.”
Set across 47-57 Wildey Street, the 4.7-acre property has been masterplanned with Ipswich City Council approval not set to expire until July 28, 2027.
Mr Galloway noted the process of having a development application approved could “sometimes take several years”.
The development project, which includes a combination of townhouses and stand-alone homes, is designed to roll out across three stages.
Three low-set stand-alone houses and 39 townhouses are planned for the property and, according to Mr Galloway, the complex was designed to ensure easy maintenance and low body corporate fees.
He told the Queensland Times the design involved a communal recreation area but didn’t incorporate swimming pools, gyms or other costly amenities.
The property is listed for sale, seeking expressions of interest above $1,500,000.
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