Developer to transform driving range into housing lots
SOUTHSIDE golfers have been put in the rough by the booming residential land and housing market.
A local private developer has paid $6.1m for the 3.81ha Tee Time Golf Driving Range at 76 Learoyd Road, Algester, in a deal struck by C Property QLD's Sam Callanan, Joe Kennedy and Carl Charalambous.
The regular shaped parcel of land and was sold with an approval for 36 freestanding residential lots.
Mr Callanan said the property was sold through a formal sales campaign which attracted more than 120 inquiries and 20 formal written offers from a mix of local and national developers.
"Approved residential lots rarely do make it to the market, especially in the southern corridor," he said.
"When this was put on the market it was very aggressively pursued by a number of groups." Buyers were drawn to the opportunity due to its proximity to retail, education providers and this site being located off the main road."
According to the latest REIQ survey last year a new record median house price of $725,000 was reached in Brisbane after 5.8 per cent annual growth for 2020.
Furthermore there were increases of 0.9 per cent and 1.5 per cent in January and February 2021 respectively.
Mr Kennedy said because of this growth in the residential market, sparked by low interest rates and government grants, potential home buyers were being pushed out of the inner ring suburbs and further afield.
He said that meant the middle ring suburbs of Brisbane were becoming more attractive to developers.
"There is very strong demand in this area and obviously Sunnybank being not far away is a massive driver for and areas like Algester," he said.
"People are can't afford Sunnybank or Sunnybank Hills so they will be pushed out a little further out."
At this stage Mr Kennedy said he did not know when the new owner will start work on the site.
"But our belief is that they will try and get stuck into it straight away. The market is so hot at the moment you want to get out there and get your product sold," he said.
Originally published as Developer pays $6.1m to transform driving range into housing lots