Builder/developer Siera Group acquired the 1821sq m parcel at 40, 42 and 44 Ellis St, Greenslopes, for $2.55 million after an expressions-of-interest campaign run by Ray White Special Project’s Matthew Fritzsche on behalf of the brothers.
Mr Fritzsche said the brothers banded together as a family force to create the development opportunity in the highly sought-after location.
“We had strong inquiry and eight offers from local groups — some builder/developers and some syndicates,” he said.
“The achieved sales price represents a premium when compared to individual house prices in the area as the increased land area allowed for greater scope for development.”
According to CoreLogic RP Data the brothers individually bought the properties between December 2007 and May 2009 for a total of $1.02 million.
Mr Fritzsche said the Siera Group intended to refurbish the three existing houses in keeping with the local character and then sell them.
“At the rear of the amalgamated site they will construct a mix of two and three bedroom units aimed at the owner occupier-market,” he said.
“The upper levels of any new build will potentially have Brisbane CBD views and the site is close to the Princess Alexandra and Greenslopes Private Hospital.’’
Original article published at www.couriermail.com.au by Chris Herde, The Courier-Mail 1/7/2016