Boutique developer swoops on riverside Brisbane block
A second apartment site on the river in St Lucia has sold in a week – this one trading immediately after the launch of a public marketing campaign.
The 810 square metre lot zoned High Density Residential, 16-18 Sandford Street, found favour with GRAYA.
The outlay is $17 million – or $20,990 per sqm.
A dwelling with private pontoon (the property has 20 metres of Brisbane River frontage) will be razed for the project.
The vendor was Calile Malouf, behind the Calile Hotel.
Knockout offer
Expected to rise 15 floors, upper level apartments within the Sandford St project will have city skyline views over Orleigh Park.
Ray White’s Tom Barr was the agent; GRAYA’s knockout bid came a week into a five week expressions of interest campaign.
The parcel is near the University of Queensland, walking distance to the CityCat Ferry terminal and Toowong Village Shopping Centre.
Another 15-levels set for St Lucia waterfront
The deal comes two days since we reported Bottega House snapped up neighbouring St Lucia homes also on the waterfront (continues below).
That 1513 sqm amalgamation cost $20.42m.
A 15-level building with 47 dwellings is planned over a three storey basement with 99 car parks.
“Opportunities of this calibre are exceptionally rare particularly in a blue-chip suburb like St Lucia where absolute riverfront development sites are extremely difficult to unlock and therefore very rare,” Mr Barr, who brokered that deal too, said.
“The level of enquiry we received in only one week [for 16-18 Sandford St] demonstrates the extraordinary demand from developers and private buyers seeking premium riverfront positions with genuine long-term scarcity value,” he added.
“The property’s combination of direct Brisbane River frontage, northerly aspect, CBD views and favourable development zoning created an offering that was virtually impossible to replicate,” according to the executive.
“We are continuing to see very strong demand for premium apartment development sites targeting the owner-occupier and downsizer market.
“Buyers are increasingly focused on locations that offer lifestyle, connectivity and limited future supply, and St Lucia continues to tick all of those boxes.
“The combination of proximity to the CBD, access to the Brisbane River, nearby retail and dining precincts, and world-class educational institutions such as the University of Queensland continues to drive significant interest from developers”.
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