Bridgeman Downs development site sold for $5 million in off-market deal

A record off-market sale of a 9,612 sqm development site in Bridgeman Downs will see 15 new houses built, helping to ease Brisbane’s housing pressures.

Sold to local developer New Fortune Australia, the site at 432 Beckett Road, Bridgeman Downs sold for $5,008,000 and has existing development approval for 15 residential lots.

Colliers Queensland Director Development Sites Adam Rubie said the state was grappling with a severe scarcity of housing supply and infill sites like these, close to amenities, were in huge demand.

“There is a severe scarcity of approved land subdivision opportunities in the Brisbane local government area,” Adam Rubie said.

“The lack of stock both on and off the market has created even further demand, meaning infill localities with premium pricing are very highly sought after.

“We are seeing more and more groups, both local and interstate, come to us seeking development opportunities across South East Queensland.

“This off-market deal was brokered via a targeted sales process after the vendor received multiple offers directly from developers, showing the high demand for these sorts of sites.

Brisbane needs about 8,500 new homes a year to meet the growth demand according to the Queensland Government’s draft South East Queensland Regional Plan.

The population growth has been higher than expected, with net interstate migration adding around 55,000 new residents during the peak, compared to only 20,000 in previous years prior.

Adam Rubie said “As a result of this, the delivery of new land supply has lagged behind population growth, hence sites like this are in high demand from developers”.

“The land owners had only recently purchased this site, I was pleased to be able to assist them to broker this deal to a local developer that will develop the site,” Adam Rubie added.

New Fortune Australia Acquisition Manager Morgan Guo said that the company were extremely confident about the future of the South East Queensland market.

“We are very confident of the growth of the market here in South East Queensland and are looking for more sites in the region,” Morgan Guo said.

“We have the funds ready to purchase more sites showing our strong confidence in this market.”