Rush for northern exposure
ONE of the largest developers of land north of Brisbane has swooped on a sizeable holding at Narangba with plans for a 170-lot residential subdivision.
Trask Land Corporation has snapped up the vacant 10.9ha parcel of land at 197-207 Callaghan Rd, Narangba, in a $8.7 million cash unconditional deal.
It adjoins a 2.5ha holding to the south bought by the company in 2018.
The buoyant residential market in the Moreton Bay region, north of Brisbane, is a focus for developers and seen as real value due to its proximity to the Sunshine Coast.
Selling agent Sam Byrne from JLL, who negotiated the deal with colleague Elliott O'Shea, said more than 60 inquiries were fielded from mostly local and interstate developers resulting in eight offers being put on the negotiating table.
"It's a highly sought-after precinct," he said. "And we did get higher offers but Trask came in on a cash unconditional basis and the vendors wanted deal certainty."
Mr Byrne said the site was made up of two holdings, which had not changed hands for more than 20 years.
"The two separate owners came together to maximise the development potential and achieved a significant uplift in value by selling together," he said.
Trask Land Corporation has lodged a development application and is seeking approval for 163 residential lots - from terrace to larger house sites - as well as a mixed-use retail precinct.
It is currently undertaking a five-stage land subdivision just north of the Callaghan Rd site
Mr Byrne said many development groups were still in the market chasing sites to put into their pipeline.
"They have the view that when COVID-19 crisis softens out the government is going to want development and construction to spark recovery in the market," he said. "So they are trying to make sure their pipelines are in order to take advantage of that when it all comes back on line."
Originally published as Rush for northern exposure