New Fortune swoops on north Brisbane housing site
New Fortune Group has picked up a permit-ready housing site in a pocket of north Brisbane residents have been seeking to preserve as a wildlife corridor.
The local consultancy is paying $5.008 million for the 9612 square metre Bridgeman Downs holding at 432 Beckett Road.
Fifteen low density residential lots are planned following a submission lodged earlier this year by Huxley Gardens Pty Ltd.
Housing might become a commodity in the area though with council, supported by local conservation groups, recently blocking proposals for parcels in the street, at #409, for a 12-lot subdivision, and #415-427 (Adpen Pty Ltd, planning a childcare centre, food and drink outlet and 10 townhouses).
Huxley Gardens’ proposal received over 20 objections.
Off market deal
Colliers’ Adam Rubie, who brokered the off-market deal for 432 Beckett Rd, said there is a severe scarcity of permit-approved properties in metropolitan Brisbane.
“The lack of stock both on and off the market has created even further demand, meaning infill localities with premium pricing are very highly sought after,” he added.
“We are seeing more and more groups, both local and interstate, come to us seeking development opportunities across South East Queensland,” according to the executive.
Multiple offers came in, he said.
New Fortune’s local acquisition manager, Morgan Guo, added the company is seeking other SEQ opportunities.
“We have the funds ready to purchase more sites showing our strong confidence”.
Bridgeman Downs is about 15 kilometres from Brisbane’s CBD.
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