A rare bayside development opportunity at 144-150 Broadwater Terrace, Redland Bay has been successfully transacted, with Ray White Special Projects Queensland concluding the sale of the prominent 2,218msqm* site to a private developer following an Expressions of Interest campaign.
The campaign generated 66 enquiries and six formal offers, culminating in a 30 day unconditional sale at $2,300,000 (plus GST).
Exclusively marketed by Ray White Special Projects QLD, the site comprises four titles and is positioned just one street back from the Redland Bay broadwater, offering future development the potential for sweeping easterly bay views.
Zoned District Centre, the property allows for a diverse range of outcomes, including multi-dwelling residential, mixed use, medical, childcare, social and affordable housing, and build-to-rent projects.
Mark Creevey of Ray White Special Projects QLD said the site represented one of the last remaining undeveloped parcels of scale in the Redland Bay business precinct.
“This is a genuinely scarce opportunity in a tightly held bayside location,” Mr Creevey said.
“Being only one block from the water and directly opposite Redland Bay Village, the site is surrounded by established amenity that future occupiers increasingly demand.
“Opportunities of this nature simply don’t come up often in Redland Bay.”
The location proved a major drawcard, with the site enjoying walkable access to the Woolworths-anchored Redland Bay Shopping Centre, IGA, medical centres, cafés, local retailers and restaurants, along with a council bus stop adjacent to the property and close proximity to the Redland Bay Hotel and the Stradbroke Island ferry terminal.
James Hanley of Ray White Special Projects said the campaign attracted strong enquiry despite broader feasibility challenges facing higher-density projects.
“We saw solid interest throughout the campaign, particularly given the planning and market complexities at play,” Mr Hanley said.
“While some groups felt residential revenues did not meet the required hurdle to offset construction cost in this location, the underlying fundamentals of the site and undersupply in the precinct were widely recognised.
“It’s zoning flexibility and exposure on a prominent position ultimately appealed to a buyer with proven experience in the immediate area.”
The property had previously been marketed with the potential for a state-facilitated development pathway, which was later withdrawn following the 2024 change in State Government and a lack of local council support.
Despite this, interest was received across a range of alternative uses, including childcare, underscoring the site’s versatility.
The vendor was an interstate private investor, with the property transacting via Expressions of Interest following a targeted marketing program.
