A 12,300 square metre DA approved corner site in Mango Hill has been sold for a future shopping centre development.

The property was bought by a local developer for $3.92 million in a deal negotiated by Peter Tyson and Michael Harcourt of Savills.

Situated at the corner of two main collector roads in the heart of the Capestone Master Planned Community, the site features a Development Approval for a total lettable area of 4,646 square metres, incorporating a convenience-based shopping centre with a 1,800 square metre supermarket anchor.

At a glance:

• A DA approved corner site in Mango Hill has been sold for $3.92 million.
• Comprising 12,300 square metres, the site features Development Approval for a total lettable area of 4,646 square metres.
• The deal was negotiated by Peter Tyson and Michael Harcourt, of Savills.

Mr Tyson said the property sold off-market via a discreet private placement campaign that received strong interest from select developers who recognised the full site potential.

“Development of the site will fulfil a genuine lack of convenience retail in the Capestone Estate and broader Mango Hill area," he said.

“The site occupies poll position in the Capestone community and will provide a real convenience alternative and point of difference to the congested North Lakes precinct."

The Capestone community is home to approximately 6,000 residents in the growing suburb of Mango Hill, adjoining North Lakes, a satellite city within 25 radial kilometres north of the Brisbane CBD.

Mr Harcourt said the purchaser had plans to deliver much-needed local amenity to the Capestone and Mango Hill residents.

“In addition to a large supermarket and medical offering, the development is proposed to incorporate a food and beverage-anchored lifestyle precinct overlooking Capestone’s Central Lake,” he said. 

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