Development site north of Brisbane to be redeveloped following sale

A development site situated north of Brisbane in the heart of the growing suburb of Albany Creek has sold following an Expressions of Interest campaign that yielded strong interest.

The 4,511sq m landholding at 23-33 Wruck Crescent, in the Moreton Bay Regional Council area, around 18 kilometres north of the Brisbane CBD, is currently being used as a car park for the Albany Creek Village Shopping Centre.

However, following the purchase of the site by experienced Brisbane-based developer Indigo Properties from Growthpoint Funds Management for $3.41 million, it will now be redeveloped.

The site is suitable for a multitude of uses including residential, commercial, retail, retirement, medical, childcare, sport and recreation, education and theatre, subject to council approval.

The sale of the property, which has 120 metres of frontage to Wruck Crescent, was negotiated by Knight Frank’s Christian Sandstrom, Hayden Ryan and Chris Maher.

Indigo Director Jeff Evans said: “We are very familiar with the location and town centre precinct and are currently preparing a scheme for several different uses on the site.

“This could include both lower scale townhouse living and community uses including medical and childcare facilities.”

Mr. Sandstrom said the offering represented a rare opportunity to acquire a mixed-use development site of scale within a proven commercial and residential precinct set for strong future growth.

“The Moreton Bay Regional Council is thought to be one of the fastest growing regions in Queensland, and Albany Creek is one of the area’s most sought-after residential suburbs,” he said.

“The property occupies a prime position, being within 300 metres of premier retail, medical, public transport and parkland amenities, and is well-connected, situated between two of Albany Creek’s main arterial roads, Albany Creek Road and Old Northern Road.

“The landholding formed part of the Albany Creek Village Shopping Centre and had been utilised as an overflow tenant and customer car park for many years.

“The car park had a historical easement; however, this was recently extinguished, allowing the owner to sell the site as it was surplus to their needs.”

Mr. Ryan said strong buyer interest was fielded during the Expressions of Interest campaign. “We received over 80 enquiries from a range of buyers,” he said.

“Interest was strong from developers, with one of the major drawcards being the ‘District Centre’ zoning under the Moreton Bay Regional Council, which was very flexible and encourages multiple uses on the site.”