Stafford residential development site sells for circa $5 million

A local private developer has purchased an infill development site in Stafford for $5.85 million. 

Located at 1 Theodore Street, the 4,018sqm site currently has six houses, each with individual titles. 

The property has development approvals for three apartment buildings with a total of 57 one, two and three bedroom units or 25 three level townhouses.

CBRE’s Will Carman and John Nucifora managed the sale campaign which generated 155 enquiries and eight formal offers. 

“The property presents a great infill development opportunity, with limited complications, which made it a competitive process. We had strong interest from local and interstate developers, as properties of this nature are seldomly available to the broader market,” Mr Carman said. 

Mr Nucifora added, “The middle ring Brisbane suburbs continue to be sought after areas by small to medium scale developers, as the supply of new townhomes and houses remains extremely subdued.”