Seven lots in the idyllic seaside suburb of Redcliffe have sold in one line to a private buyer for a total of $8m in a series of on and off market transactions this month. The deals, the last of which closed earlier this week, were brokered by Gregory Woods and Daniel Pepper of Savills Australia and New Zealand.
Overlooking South East Queensland’s Moreton Bay, the properties – each originally owned separately – run alongside one another on Redcliffe Parade and, with flexible centre zoning in place, offered any new owner a considerable array of development options for the properties from residential to retail, commercial or health.
Two of the lots, located at 95-97 Redcliffe Parade, were sold for a total of $3.4m with leases in place across four tenants operating in a mix of retail and dining.
Selling off market were the four lots at 93 Redcliffe Parade and 116 Sutton Street, for the total purchase price of $3.1m, as well as a single lot at 99 Redcliffe Parade, sold for $1.5m at 5.3% yield.
Located between Brisbane City and the Sunshine Coast in the Moreton Bay region, Redcliffe has long been known for its family-friendly community feel given the waterside locale, sprawling foreshore parklands and man-made Settlement Cove Lagoon.
Daniel Pepper, Associate Director Metropolitan & Regional Sales at Savills said, “Due to fragmented ownership with smaller private owners being most of the owners in Redcliffe, it has long been a sleepy suburb with untapped potential due to its idyllic location on the water.
“The acquisition of seven lots in one line gives the new owner a commanding site in the heart of the Redcliffe CBD and the ability to produce a transformational development in time which will further enhance the Redcliffe Region.”
The Moreton Bay region is one of Australia’s fastest growing local government areas. In fact, population growth forecasts for the area indicate the region will have a larger population than that of Tasmania as soon as 2031, with the area already under development planning to help accommodate the approximately 200,000 plus residents expected in the next two decades.
Commenting on the opportunity areas like Redcliffe offer, Gregory Woods, Director Metropolitan & Regional Sales at Savills said, “Redcliffe is no longer the retirement town it once was. With its proximity to the city, beaches and picturesque views over the bay, we’re seeing an increased interest in the area.
“Couple that with government heeding the call to reinvigorate local landmarks around the town, as well as invest in the infrastructure needed to support development the town has in planning, areas like Redcliffe represent significant opportunity for investors and developers alike.”