BPG Developments buys permit-ready inner-Brisbane site

BPG Developments has paid $4.025 million for a permit ready residential development site in Lutwyche, about six kilometres north of the Brisbane CBD.

The 2095 square metre site at 2-8 Lucas Street (pictured, top) was offered with permission to build 74 dwellings within two eight-level buildings, .

Instead, BPG is planning 68 flats.

Colliers International’s Adam Rubie and Brendan Hogan marketed the property, which formed part of a mortgage in possession sale appointment by Jirsch Sutherland.

“The expression of interest campaign generated 82 enquiries and eight offers to purchase at the close from a range of buyers, including local builders, as well as local and interstate developers,” Mr Rubie said.

“There hasn’t been anything of this scale come to market in this location with a development approval for a long time, and the number of offers and the end result shows an upward trend in the development site market in inner Brisbane.

“The groups who put forward offers obviously recognised its value, and there was enough competition to achieve a strong result,” the agent added.

BPG Developments’ director Nick Parr said he planned to construct a premier development.

“We are targeting owner occupiers and the architectural design and finishes will reflect that desire.”

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.