In September 2014, White & Partners acquired an englobo land holding in the residential suburb of Belmont, located approximately 13 kilometres South-east from the Brisbane City centre.
The strategy was to obtain a development approval for a residential subdivision comprising 29 vacant lots and to sell down the lots either individually or in-one-line. On receipt of the DA in early 2016, a marketing campaign commenced to sell the lots.
Given the timing of the launch, there was speculation that the market commentary around an oversupply of residential apartments in Brisbane, would impact the broader land market.
By August 2016, the estate was fully sold without much if any reduction in the original price list. Despite the market concern, the success of the sales campaign identified the resilience that well located, well design estates have even in somewhat nervous markets. More specifically, feedback from both buyers and agents revolved around:
On completion of the development the equity return was approximately 25%p.a with investors realising a unit distribution of $1.65.