Queensland

DEVINE Properties has listed for sale Brisbane CBD residential development site, after abandoning plans to develop a $740 million village there.

The 4,000 square metre site was to make way for French Quarter, an apartment and retail complex bound by Alice, Albert and Margaret streets.

The site, which is being marketed by Ray White Transact's Rick Bird and Brad Hanson, and Jones Lang Lasalle's Geoff McIntyre and Seb Turnbull, was last valued at about $90 million.

AUSTRALAND has unveiled plans for its $160 million Kangaroo Point apartment project in Brisbane.

The controversial project will be developed on Brisbane's historic Yungaba House site, which was the first property to be put on the state's heritage register in 1992. The State government sold the site to Australand.

The project will include 68 units in the first stage, and ten luxury homes in the second stage, which will be built into the historic riverfront home.

QUEENSLAND developer Kevin Seymour has paid $22 million for Brisbane's Country Road building, at 180 Queen Street.

The heritage listed building was offloaded by the Mirvac PFA Diversified Property Trust, which purchased the asset in October 2005. It was last valued on Mirvac's website in June 2007, at $25.5 million.

The 9-level building once accommodated a banking chamber. The property is on the northern end of the Queen Street Mall between David Jones and the Broadway on the Mall shopping centre. It is also opposite the Wintergarden and Hilton Complex.

AN undisclosed overseas investor is understood to have outbid several local players, to buy a 1.13 hectare block of land in Old Burleigh Road, Surfers Paradise, for about $80 million.

The disposal is the first since Balmain Trilogy took control of the $630 million First mortgage Fund from the beleagured City Pacific in July. The property, spread over 94 titles, was sold with two first mortgages and caveats, for debts which are expected to be paid off. The property was put to the market in May by mortgagee Fortress Credit.