Dept. of Housing nabs Labrador site
AN ELEVATED Labrador development site marketed at $1.495 million in 2015 has sold for nearly half that.
The 1050 sqm holding is on the crest of a rise at 78 Brisbane Rd and has been bought by the Queensland Department of Housing for $840,000.
The seller was Phillip Whyte, a senior town planner with the UPS group, who bought it, with a house on it, for $615,000 10 years ago.
He gained development approval for a five-level building with 10 three-bedroom apartments and 10 with two bedrooms. The building, which would have 360-degree views and a residents’ rooftop terrace, would have a single-level basement carpark.
When the property was marketed at $1.495m in 2015 and failed to sell, the asking price was cut to $1.15m.
There were further cuts and they culminated in reduction to $898,000 earlier this year.
Simon Robertson, the Ray White Commercial agent who handled the sale with colleague Brad Merkur, said the price cut produced a wave of interest: “It resulted in several offers, a couple subject to due diligence, and the Department of Housing won out.”