Albion site sold for apartments
Lantona has snapped up a site near Crosby Park at Albion with plans for two apartment towers.
The 5600 square metre elevated property including a low rise building accommodating the Star Table Tennis complex at 31 Dover Street, cost $21.8 million.
About 550 metres from Albion train station, it came permit-ready for 191 apartments in 11 level buildings.
Chesters Real Estate agents Tim Jones and Vaughn Smart marketed it as The Dover.
With postcard views of the Brisbane CBD, five kilometres away, they said interest came from local, interstate and offshore groups.
Brisbane builds up
Albion is just west of Ascot and Hamilton, which have seen a wave of high-density apartment developments completed in recent years.
The permitted 31 Dover St project includes a gym, formal dining area for small functions, a yoga deck with water feature, swimming pool, including one on each rooftop near barbecue facilities and zoned with sun lounges.
“31 Dover St is an exceptional site within one of Brisbane’s most rapidly evolving inner-city suburbs,” Lantona director, Andrew Hanna, said (continues below).
“The combination of scale, elevation, city outlooks and immediate proximity to green space made this a highly compelling acquisition for us,” he added.
“Opportunities of this calibre, particularly with an existing approval in place, are becoming increasingly difficult to secure within Brisbane’s inner ring,” according to the executive.
“Albion continues to transform into one of Brisbane’s most connected and desirable lifestyle precincts, supported by strong transport connectivity, amenity and long-term infrastructure investment.
“As a Brisbane-based developer, we are passionate about delivering projects that not only respond to the way people want to live today, but also contribute positively to the long-term evolution of the surrounding area”.
The agents added “the scale, location and existing approval combined to make the offering one of Albion’s most notable development opportunities brought to market in recent years”.
“Demand for well-located inner-city development opportunities remains extremely strong, particularly for shovel-ready sites with quality approvals already in place,” they said.
“With Brisbane continuing to experience significant population growth, infrastructure investment and momentum leading into the 2032 Olympic Games, developers are actively securing strategic sites within tightly held urban precincts”.
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