Fund manager Exceed Capital has purchased a homemaker centre in Stockland’s North Lakes community in Brisbane’s northern suburbs for $21.5 million. The deal to acquire the 8000-square-metre Style Centre on a 1.83-hectare site at 4-6 Burke Crescent was struck on a relatively high yield of 8.15 per cent.
North Lakes development sites continue to be in demand with 2 boutique development sites in Brisbane growth corridor being placed on the Market.
Commercial real estate agents report that demand-driven market shift for affordable convenient living is expected to generate strong interest from builders and developers in two approved boutique development sites on the north side of Brisbane.
The sites occupy a prime boulevard setting across from the lake in one of Brisbane’s most successful masterplanned communities, Capestone Mango Hill, only 5 minutes to Westfield and North Lakes Town Centre.
CBRE head of metropolitan investments and development site specialist Jon Quayle is managing the sale of the sites via a national expressions of interest campaign.
Zoned medium-density residential, the cleared and vacant Napier Avenue properties are 1,040sq m and 1,108sq m respectively with development and building approvals for boutique apartment developments comprising 17 predominantly 3-bedroom apartments in each.
Agents quote that the Mango Hill and North Lakes region is recognised as one of Australia’s leading growth markets for population, infrastructure and employment, which has contributed to a 25 per cent increase in median house prices in Mango Hill over the past 5 years
This growth, coupled with the emergence of dedicated local industry, retail and lifestyle amenity and the soon to open nearby University of the Sunshine Coast campus, has seen a push by owners and investors for more affordable dwellings to cater for the demographic shift and second generation residents who want to stay in the region but with the benefit of affordability and convenience over a traditional house.
The Capestone development sites are located within 300 metres of a future shopping village, 400 metres to a recently opened childcare centre and has easy access to 4 leading primary and secondary schools within a 1.5 kilometres radius.
A game changer for the success of apartments in the area was the opening of the Moreton Bay rail link, with the East Mango Hill Station only 500m away creating easy access to the new university, Brisbane CBD and beyond.
There has been just one other apartment building delivered in the immediate area which was completed last year and is of comparable design, bulk and scale to what is proposed for the 56 & 64 Napier Avenue sites.
Individual apartments sold in that building for prices up to $462,000 including a resale late last year for more than its original purchase price.
Evidently demand exists for new, good sized apartments in the area yet there is still a lack of this product.
This is an opportunity for a builder or developer to take advantage of by securing one or both of these rare approved medium density development sites.