Four residential blocks of land on the Brisbane riverfront are for sale, offering the opportunity to build properties with a multi-million dollar resale value.
Ray White New Farm Director, Matt Lancashire, has opened the 597m² blocks at 80-86 Oxlade Drive for tender, providing the rare chance for homebuyers to build on the prestige New Farm riverfront.
“It is a super high-end product. Someone who purchases and builds a luxury home will probably end up with a house worth well over $8 million,” he said.
With a combined land size of nearly 2,400m², the site is the biggest pocket of land available in New Farm today. Each block comprises an 11.9 metre frontage.
The current owners are development firm Point Corp, who are headed up by Chris Vitale and Paul Gedoun. The duo are specialists in building luxury high-end residential apartments. With more projects in New Farm than anywhere else, Chris and Paul knew the land was too good for another apartment tower.
“We initially purchased with the intention of building a $100 million luxury apartment development. We decided to do something different when we realised there was nothing quite like it that existed in Brisbane, so we subdivided the land.
“Selling this land to individuals who can build premier homes on the riverfront will be far a greater way to use the superblock of land. It’s almost impossible to get a vacant block in New Farm because most homes are either protected or already have a block of apartments built on it,” Mr Vitale explained.
Mr Lancashire anticipates significant buyer interest and has already started fielding enquiries, announcing that one of the four properties has already sold. All properties open to a tender process which will close on Friday 7 October, 5pm.
Further enquiries:
Matt Lancashire | 0416 476 480
Director | Ray White New Farm
