A CHINESE buyer has paid $7 million in cash for a huge property with two titles in the outer Brisbane suburb of Calamvale — but he has no plans to develop it.
The large six-bedroom, brick home on a huge 20,400 sqm site at 390-402 Benhiam Street attracted more than 100 people to its first open home, but there was one offer the owners couldn’t refuse.
Ray White Sunnybank Hills principal Eric Li, who negotiated the sale, said the buyer offered $7 million in cash unconditional with a two week settlement on the spot.
“He just wanted to buy straight away,” Mr Li said.
“He could see the competition and didn’t want to miss out.”
Mr Li said the buyer had been looking for a big block of land in the area and was very keen to buy.
Perhaps surprisingly, he plans to move straight in with no intentions of developing the property.
Mr Li said it was another example of the appetite from Chinese buyers for property in the Sunnybank area.
The house itself is about 25 years old and has five bathrooms and a 10 car garage.
It’s close to public transport, local shops and Sunnybank.
The property had been marketed as having “huge future development potential”.
Calamvale is 17km from the CBD and has a median house price of $650,000.