A private buyer has acquired seven lots in Redcliffe, Brisbane for a total of $8 million in a series of on and off market transactions earlier this month.
The properties, which offer a wide range of development options, were brokered by Gregory Woods and Daniel Pepper of Savills Australia and New Zealand.
Situated in the Moreton Bay region, Redcliffe is nestled between Brisbane City and the Sunshine Coast.
The acquired properties run alongside one another on Redcliffe Parade, overlooking the stunning South East Queensland’s Moreton Bay.
With flexible centre zoning in place, the new owner has numerous development possibilities for the properties, including residential, retail, commercial, or health.
Two of the lots, located at 95-97 Redcliffe Parade, were sold for a combined $3.4 million with leases in place across four tenants operating in a mix of retail and dining.
The four off-market lots at 93 Redcliffe Parade and 116 Sutton Street sold for a total of $3.1 million, while a single lot at 99 Redcliffe Parade was sold for $1.5 million at a 5.3% yield.
“Due to fragmented ownership with smaller private owners being most of the owners in Redcliffe, it has long been a sleepy suburb with untapped potential due to its idyllic location on the water,” said Daniel Pepper, Associate Director Metropolitan & Regional Sales at Savills.
“The acquisition of seven lots in one line gives the new owner a commanding site in the heart of the Redcliffe CBD and the ability to produce a transformational development in time which will further enhance the Redcliffe Region.”
The Moreton Bay region is one of Australia’s fastest-growing local government areas, with population growth forecasts predicting a larger population than Tasmania by 2031.
Gregory Woods, Director Metropolitan & Regional Sales at Savills, said Redcliffe was no longer the retirement town it once was.
“With its proximity to the city, beaches, and picturesque views over the bay, we’re seeing increased interest in the area,” Woods said.
“Couple that with government heeding the call to reinvigorate local landmarks around the town and invest in the infrastructure needed to support development the town has in planning, areas like Redcliffe represent significant opportunity for investors and developers alike.”