Residential Site Success

Brisbane’s most prestigious CBD residential development site looks set to be sold off in 2010, with Ray White Transact negotiating the sale of the Carrington site (which formed half of the French Quarter Aggregation) earlier this month.

Ray White Transact’s Rick Bird and Brad Hanson sold the Carrington site to property developers, Sunland Group, for $25 million. Sunland plan to build a $250 million residential project, which will comprise 200 luxury apartments.

Adjacent the Carrington site is the 1,994 sqm Camelot parcel which is situated in one of Brisbane’s most beautiful and vibrant precincts. Camelot is receiving a large number of enquiries from both local and overseas developers and investors.

Brad Hanson noted “the market we are faced with today sees developers offloading their assets due to difficulty in obtaining development finance. It is truly a vote of confidence in this market that Sunland has committed to a large development project in Brisbane.”

Sunland develop luxury residential buildings and they recognised the Carrington parcel as being the best residential site in Brisbane. “The hard work and heavily committed attitudes of the agents at Ray White Transact made the negotiation process smooth and in turn a success” (representative from Sunland Group).