Brookwater development site sells to childcare developer

A new childcare centre is destined to open in Brookwater, in the fast-growing region west of Brisbane, following the sale of a development site adjoining the Brookwater Village Shopping centre.

The 2,000sq m site at 2A Tournament Drive was sold by a local private investor to Raw Property Studio Services Pty Ltd for $3.35 million.

The deal was negotiated by Christian Sandstrom of Knight Frank following an Expressions of Interest campaign.

The purchase price reflected a record rate of $1,675/sq m for a retail site in the Greater Springfield area which demonstrated the strong buyer demand.

Mr Sandstrom said the site was sought after largely due to its prominent location adjoining the Woolworths-anchored Brookwater Village Shopping Centre and the Brookwater Office Park.

It also has street frontage of nearly 40 metres to Brookwater’s major thoroughfare, Augusta Parkway, which has daily passing traffic of more than 30,000 vehicles.

The new owner intends to build a two-level retail development on the site, which would include a childcare centre.

Mr Sandstrom said the sale campaign generated significant buyer interest from predominantly locals.

β€œMuch of our enquiry came from local private investors and owner occupiers that live in the Greater Springfield area and wanted to capitalise on a rare development opportunity in a growth area,” he said.

β€œIt’s a fast-growing community with huge demand for additional retail services, but there are very few opportunities to buy smaller assets to develop.

β€œBrookwater is a prestigious and sought-after area, considered to be the β€˜jewel in the crown’ of Greater Springfield.

β€œThis site offered a blank canvas for buyers with a multitude of development outcomes including commercial, educational and childcare, and a retail and childcare development will cater to growing demand in the area.”

Busy Bees Early Learning Australia have committed to the 130-place childcare centre for a total of 25 years.

A development application will be lodged soon seeking approval for the childcare use, with expectations the childcare centre would be operational by mid 2024, if it is given the go ahead.

The project will provide vital community facilities to cater for the growing population and support educational requirements of the existing community.

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