The Trustee is pleased to announce that it has received a new valuation for the site located at 139 Bunya Road, Arana Hills, QLD 4054. The valuation was prepared on a “As Is” basis and at $7.9m. The valuation reflects a 75.5% increase in value over the agreed purchase price of $4.5m.
NorthRock’s Arana Hills project is located approximately 12km northwest of Brisbane’s CBD. It is predominantly residential with essential amenities and green spaces.
The industrial area in Arana Hills is relatively modest compared to larger industrial hubs in the region. It primarily caters to local businesses and services that support the residential community.
The completion of the site acquisition, allows the development process to move from the preparatory stage and begin the execution of the development plan.
The development plan set out in the Information Memorandum envisages the subdivision of the site into three lots and the construction on those lots of a:
• commercial gym and associated parking;
• self -storage complex; and
• a series of industrial units.
Further information is set out in the Information Memorandum dated 22 May 2024.
To review previous updates please visit this link.