Land with approval for 323-lots sells for $13 million
A 27ha parcel of land in Ipswich, which has development approval for 323 residential lots, has sold for $13 million to developers.
The land at Collingwood Park was bought by Sydney-based Weiya Development Pty Ltd for $5.4 million in March last year.
A development application seeking approval to reconfigure three lots into 323 at 86 Collingwood Dr was submitted in May last year.
It was approved by Ipswich City Council four months later.
The site was sold both times by Ray White Special Projects Queensland executive directors Mark Creevey and Tony Williams.
They said the land was bought by a “southeast Queensland-based development group” and is in a prime location, close to Woolworths, Woodlinks State School and Collingwood Park State School.
The site adjoins the Woodlinks Estate.
“The auction sale back in March 2019 was an exceptional result at the time, with six of the 12 registered bidders battling it out, and a whopping 31 bids seeing the opening bid of $1 million climbing all the way up to ﬁnal sale price of $5.4 million,” Mr Creevey said.
“The purchaser, a private Sydney-based group, subsequently obtained development approval for a 323-lot residential subdivision with an average lot size of 477 sqm.
“The seller was also able to successfully enter into an EPBC Offset agreement.”
Mr Williams said buyers were prepared to pay a premium in the current marketplace for sites with approvals already in place.
“The sale highlights the very strong competition in the marketplace at present for sites with mitigated planning risk,” Mr Williams said.
“The major concerns from groups when assessing the site in early 2019 was that the previous DA had lapsed, coupled with the potential impact on the yield of obtaining approval for management of the vegetation.”
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