Springwood Site With DA for Retail/Residential Tower Sold for $2.1 Million
A commercial site at Springwood, south of Brisbane, with development approval for a retail, office and residential tower has been sold by Ray White Commercial for $2.1 million.
The approximately 1238 sqm property at 9-11 Carol Avenue, Springwood, was sold to Chinese investors Huever Pty Ltd by Ray White Commercial Springwood Managing Director Aldo Bevacqua on behalf of Brisbane Land Marketing Property Group Pty Ltd.
Aldo Bevacqua said there was keen interest in the partially tenanted property in the heart of the Springwood commercial and industrial precinct.
“This site has a DA in place for a seven-level retail/office/residential tower,” he said.
“The DA consists of ground floor retail, two levels of office and then the top four levels of residential apartments.
“There is also an approval for a three-level basement car park.”
Aldo Bevacqua said the site currently has three separate buildings, one of which is tenanted to provide the purchaser with some holding income.
“The property is conveniently located with easy access to the M1 Motorway,” he said.