Rothwell residential development site sells for $20.1 million

BRISBANE, 9 October 2023 – A 4.5 hectare residential development infill site at 499-507 Anzac Avenue, Rothwell, has sold for $20.1 million, setting a new englobo benchmark for Moreton Bay LGA.

The unconditional offer by a local property development group capped off a highly competitive Expressions of Interest campaign that drew more than 100 inquiries and 15 bids.

The holding allows for the establishment of up to 350 dwellings, subject to council approval, offering an immediate solution to the housing supply shortage evident in the Moreton Bay Regional Council LGA.

JLL Metropolitan and Regional Land Senior Executives Liam Petersen and Jake Burrowes handled the record-setting sale.

Mr Burrowes said it spoke to a theme beyond sales results, which was the critical role non-Brisbane LGAs would play in tackling Southeast Queensland’s housing undersupply.

“The state government acknowledged in this year’s budget overview that housing supply is unable to keep pace with rising demand,” he said.

“As the population of Queensland continues to grow, it’s essential that we work proactively and strategically to ensure housing supply can meet demand.

“A key part of this is making land available when and how it’s needed.”

Mr Burrowes and Mr Petersen have actively participated on both sides of the land supply funnel, formerly as experienced town planners and now in sales.

This year, in the biggest deal of its kind in more than 20 years, the pair brokered the $177 million unconditional sale of Coomera Quarter, a masterplanned 4200-dwelling community.

They note the continued strengthening of the non-Brisbane LGA markets including Moreton Bay, Ipswich, the Gold Coast, Logan and the Redlands.

“Under the draft South East Queensland Regional Plan, Thornlands in the Redlands has been identified for further infill residential development,” said Mr Petersen.

“Elimbah North in the Moreton Bay region has also been earmarked for a move into the urban footprint.

“Both are crucial pointers to the role communities outside metropolitan Brisbane will play in meeting the needs of a population base expected to sit at roughly 6 million people in 2046.”

Among their current portfolio of listings, Mr Petersen and Mr Burrowes are marketing 60-66 Andrew Rd, Greenbank, a 3.34ha site with potential to deliver up to 56 sites.

Another 3.1ha Medium Density zoned site at 147 Billinghurst Crescent, Upper Coomera, has potential to deliver up to 120 dwellings.

JLL’s Land Team also has a further 750 potential dwellings currently under contract within wider South-East Queensland in the Moreton Bay and Gold Coast LGAs, subject to development approval.