Hot competition for Redcliffe development site, snapped up for over $3 million

22 February 2024

In a sign of continued local and interstate interest in development sites in South-East Queensland as a future Olympic precinct, a 2,528 sqm site at Scarborough has sold for $3,025,000 to a local organisation looking to strengthen its foothold in the region.

Transacted by Colliers Queensland agents Nick Wedge and James Matley on behalf of our valued client, 21 Sunnyside Road offered a great opportunity for developers.

Colliers Queensland Investment Services Director Nick Wedge said the expressions of interest campaign yielded seven written offers from variety of developers including childcare, aged care and residential.

“This general residential zoned property was in high demand as it offered buyers a range of uses from residential to commercial development outcomes,” Nick Wedge said.

“With the extreme scarcity of development sites this property is improved with a large existing residence and accommodation facility, which offered even more appeal.

“While the property needs to be refurbished, there is the potential to utilise existing structures in multiple future developments to save on construction costs.

“The organisation sees this as a great opportunity to grow their services in the region,” Nick Wedge added.

Colliers Queensland Residential Site Sales Executive James Matley said this was the third property Colliers had transacted in the Redcliffe Peninsular precinct totalling nearly $16,000,000, showing that there is huge demand for sites in this fast-growing area.

“Located in fast growing Moreton Bay, which is expected to grow by 42 per cent in the next 20 years, this unique development site is located close to the bay, local amenities and public transport,” James Matley said.

“The rapid population growth across South East Queensland is turbo charging the Moreton Bay area and driving demand for hospitality and commercial services.

“Scarborough stands to benefit from the significant investment that is underway and forecast in both public and private infrastructure.

“The $1.2 billion Moreton Bay Rail Link was completed in late 2017, providing excellent connectivity within Moreton Bay, and back to the Brisbane CBD.

“Brisbane and South East Queensland is now truly on the world stage with the awarding of the 2032 Olympic and Paralympic Games to Brisbane,” James Matley added.

The property is located within Moreton Bay Regional Council, being approximately 30 kilometres north-east (radially) of the Brisbane CBD, and approximately 57 kilometres (radially) south of the Sunshine Coast.