EXCLUSIVE

Azure Group has snapped up a south-east Brisbane site offered for the first time in 120 years.

The 1.06 hectare block, 156-170 Fitzroy Street, Cleveland, cost the local developer $9.5 million.

Ten offers were received following the close of an expressions-of-interest campaign last August. Settlement occurred this year.

The result prices each square metre of developable land at $1037.

A development application is now before Redland City Council for 38 dwellings.

Cleveland is 30 kilometres from Brisbane’s CBD (continues below).

Site set for development

Also exposed to Baypark Court, opposite Henry Ziegenfusz Park, the rectangle-shaped Cleveland holding contains a dwelling at its north edge.

Zoned Urban Residential, it was marketed for its potential to yield townhouses or standalone homes.

All up there is 139 metres of street frontage.

JLL’s Jake Burrowes and Liam Petersen were the agents.

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The state government has selected five developers to deliver nearly 2200 apartments across five sites spanning 6.1 hectares at Northshore Hamilton.

Economic Development Queensland chose GRAYA, Greyburn, Joe Adsett Developments, Lancini Property Group and Red & Co following a Request for Proposal process that closed in April.

Eighteen submissions came in.

The properties at 60-102 MacArthur Avenue are within the Northshore Hamilton Priority Development Area, which covers 304ha.

EDQ is the planning authority and holds about 60ha.

Who is planning what

The master plan for the five sites includes more than 21,600 square metres of retail and commercial space, including a 15,070 sqm shopping and lifestyle hub with a supermarket, as well as a 50-room hotel.

Thirteen towers are planned.

GRAYA will develop about 435 apartments and a 50-room hotel.

Red & Co is planning 440 units in a 25-storey complex with a rooftop pool.

Joe Adsett Developments and Greyburn will deliver about 430 and 402 homes respectively.

Lancini will build about 484 homes alongside the shopping and lifestyle hub, which is potentially planned to include a medical centre and childcare complex.

Construction of the first homes is expected to start from mid-2028.

The first residents are anticipated to move in from 2031.

Sale prices have not been disclosed, although the government said the developers paid market value.

CBRE’s Will Carman, John Nucifora and Trent Hobart represented EDQ (continues below).

Thirteen towers planned

Until last year, the Northshore land was earmarked to house the 2032 Olympic and Paralympic Games athletes’ village.

The Crisafulli Government instead switched plans to housing and moved the athletes’ village to the RNA Showgrounds.

The Northshore Hamilton Priority Development Area Development Scheme was amended in November 2025 to support greater housing delivery across the precinct.

Another Northshore deal

EDQ is committing $154m to enabling infrastructure, including roads, water and sewerage, to support development of the sites.

Upon full build-out in about 10 years, Northshore Hamilton is planned to accommodate more than 14,000 homes and 24,500 residents.

The precinct stretches 2.5km along the Brisbane River and is about six kilometres from the CBD.

Last month, realestatesource.com.au reported Stuart Urquhart paid $8m for 5 Hercules St, Hamilton, abutting a property he bought in January.

With that deal, two major apartment towers became off-the-table.

Red & Co also recently bought a 7401 sqm block at 11-23 MacArthur Ave.

That outlay was $19m.

Brookfield Asset Management was the seller.

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Developer Stockwell has completed a new retail centre within the former Boggo Road Gaol precinct, three kilometres from Brisbane’s CBD.

The 3980 sqm Boggo Road Village in Dutton Park is anchored by an IGA supermarket, with specialty stores leased to cafes, restaurants, healthcare and other services.

At 29 Boggo Road, also exposed to Joe Baker Street, tenants include BWS, C9 Chocolate & Gelato, Dutton Park Family Dental, Dumpling Bites, NYC Bagel Deli, Queensland Children’s Clinic, Ramsay Pharmacy, SG Bakery, Signature Cafe, Sushi Hyo and Top Health Doctors Dutton Park.

Also with 144 car parks, the leasing was handled direct.

Dutton Park is about three kilometres south-west of Brisbane’s CBD.

Boggo Road Village

A 2018 Stockwell development pipeline document put the commercial component of its broader Boggo Road project at $42 million (continues below).

The complex forms part of the Boggo Road Innovation Junction, or BRIJ, a health, science and research precinct centred on the Princess Alexandra Hospital, Translational Research Institute, Ecosciences Precinct and University of Queensland.

It is also near the Cross River Rail station and Yamma Bridge.

The project adds retail and services to a precinct undergoing a broader transformation from the former Boggo Road gaol.

Stockwell also developed and continues to manage residential communities at 11, 21 and 31 Peter Doherty St and Dutton Place on Annerley Rd.

In July realestatesource.com.au reported Gardner Vaughan Group bought a site in nearby Stones Corner with plans for a major apartment complex.

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ESR is selling two south-west Brisbane industrial estates to asset manager CapPru for $73.8 million.

The priciest investment, 57-101 Balham Road, Archerfield, contains seven buildings with a total 24,301 square metres, on 4.47 hectares.

With improvements between 774 sqm-4,211 sqm, it is fully leased to 13 tenants, the net income in July was $3,582,866.

The weighed average lease expiry then was 1.8 years.

ESR, via Propertylink which it acquired, paid $24.5m in 2014.

That seller was Dexus Projects Ltd.

Richlands deal

ESR is also selling CapPru 848 Boundary Rd, Richlands (pictured, top).

On 2.35ha it contains six buildings with a total 9794 sqm.

Also fully leased, it returns $1,437,863 net annual rent (continues below).

The WALE is 2.4 years.

Cushman & Wakefield’s Gary Hyland and Morgan Ruig with CG Property Group’s Michael Callow and Mark Gilbride brokered both deals.

Below replacement cost: CapPru

Sydney-based Capital Prudential, trading as CapPru, has earmarked the properties for its CP Industrial Value Add Fund.

The trust’s strategy is to acquire, actively manage and add value to fully leased industrial property in Brisbane’s south.

The buyer said the portfolio was acquired materially below replacement cost.

ESR is continuing to recycle capital, having realised more than US$2 billion in net proceeds from non-core divestments and balance-sheet recapitalisations since January 2025.

At December 31, 2025, ESR had $22.9b of assets under management in Australia.

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Bastion Group has submitted plans for a 30-storey terracotta-coloured apartment tower on the Gold Coast.

Dubbed Surfer, the $180 million project is earmarked for three adjoining sites covering 1231 square metres near Northcliffe Beach: 25 and 27 Vista Street and 2959 Surfers Paradise Boulevard, Surfers Paradise.

The application. with the Gold Coast City Council, proposes 100 apartments – 75 for short-stay use.

The balance will be marketed as high-end with seven-figure price tags.

Also with 45 car spaces the project will retain a Norfolk pine trees on one of the blocks.

27 Vista Street

Led by founder and chief executive Alex Wood, Bastion plans to complete the Surfer, to go by the address of 27 Vista St, by 2028 (continues below).

Studio Snell is the architect.

Amenities are planned to include an EMF-designed gym, swimming pool, residents’ retreat, private plunge pools, spa, kids’ zone and ground-floor retail and dining.

Jamie Durie will landscape the gardens.

Bastion has previously said it aims to have 10 Gold Coast projects in the market over a decade.

The group’s first, Nera on Chevron Island, with 87 apartments, due for completion next year, carries a c$174m end value.

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A Brisbane developer has bought a two-storey office with plans for a 20-level apartment tower.

TRK Group, founded by the Kohli family, paid $20 million for 176-186 Montague Street, South Brisbane, settling in July.

It has already applied to replace the 1917 square metre lot with 161 dwellings,

Penned by Cox Architecture, the proposal also includes a four-storey podium, rooftop garden and resident amenities including pools, a fitness studio, dining, a wine-tasting room and cinema.

The apartments will contain between one and four bedrooms.

The deal comes six weeks since realestatesource.com.au reported Zhen Chen’s Skyhold paid $14m for a two-level Queenslander able to support a 30-storey tower under the Kurilpa local planning instrument.

Also in July, Sherpa bought 2 Cordelia St, South Brisbane, with plans for a 28-level apartment tower, a component of which will be reserved for first home buyers, as part of that group’s Flourish concept.

That seller was Greenfort with two offshore capital partners which acquired it four years ago for a build-to-rent project.

In June, Stockwell snapped up the balance of the suburb’s landmark Parmalat site, also known as the Paul’s Milk factory, to be master-planned with a residential-based multi-building village (continues below).

176 Montague Street

The TRK holding is opposite the ex-Visy site which Lendlease is redeveloping.

It was marketed for its potential to yield c190 dwellings.

With a 2340 sqm office it was once owned by Otswald Bros Equity when the Queensland-based civil construction group occupied.

It is a high-quality fit-out and ground floor cafe.

Colliers’ Brendan Hogan, Hunter Higgins and Simon Beirne were the agents.

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Urban Direct has doubled its Brisbane footprint – again.

The Perth-based outdoor and home-improvement products distributor has leased a 3167 sqm office/warehouse at 97 Kimberley Street, Richlands, for an initial five years.

Centuria is the landlord.

It paid $8.425 million in 2015.

Melbourne-based Pellicano developed it and a similar property next door, known as 91 Kimberley St, six years earlier.

Colliers’ Tom Hartman and Levi Maxwell were the agents.

Urban upsizes again

The Urban Direct lease has a three-year option.

The new property contains a 2889 square metre warehouse with a large, double width container-height roller door, and 278 sqm of offices, both components with amenities.

On 5854 sqm with hardstand, an extra-wide crossover and 32 car parks, it is fully fenced (continues below).

“This is the third building I have leased to Urban Direct in the past four years, their growth trajectory has been remarkable,” Mr Hartman said.

“They started with around 800sqm, expanded to approximately 1500sqm and have now more than doubled their footprint again to secure this…facility,” he added.

“That level of growth demonstrates the confidence businesses are placing in Queensland and the strategic importance of having a strong operational base in Brisbane,” according to the executive.

“We are seeing a growing number of interstate businesses looking to establish or expand their operations in Brisbane, drawn by the city’s rapid population growth, unprecedented infrastructure pipeline and the momentum building towards the 2032 Olympic and Paralympic Games”.

Research from the agency said industrial take-up in Brisbane reached almost 474,000 sqm in the first half of 2026 – a 58pc increase compared with the same period last year.

Vacancy dropped to 3.5pc.

Richlands, 16 kilometres south-west of the CBD, is particularly attractive for occupiers, the agents said, “because it provides access to Brisbane, Ipswich and the broader South East Queensland market from a single location”.

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Frank Licastro has lodged his fourth development application in Teneriffe – Brisbane’s priciest suburb measured by median value.

Via Frank Developments, the executive is seeking to replace 26-30 Helen Street with an eight-level building containing 38 apartments and an activated rooftop.

Already branded Elena, the end value is put at c$191 million.

The proposal follows the sold-out Ducale at 33 Wyandra St and the recently lodged 22-storey The Francis at 22-40 Wyandra St.

Frank Developments is also proposing Murano, with 45 apartments over 10 storeys at 37 Wyandra St – a site acquired for $14m in March.

Teneriffe is about two kilometres north-east of Brisbane’s CBD.

Mr Licastro said the developer’s concentration in the pocket allowed it to consider how its projects interacted with one another.

Four and counting

Frank Developments’ pipeline of apartments in the suburb exceeds 250; Ducale, which is under construction, will contain 26, while The Francis is designed with 147 (continues below).

Cavill Architects penned Elena, with 102 car parks in three basement levels.

Several apartments will be designed with three-bedrooms.

Two penthouses will each have a private pool.

The ground floor will contain a mix of shops and restaurants around landscaped areas.

At the edge of Teneriffe’s Heritage Sub-Precinct, it is near the suburb’s historic woolstores and the James Street precinct.

The application comes five weeks since realestatesource.com.au reported Fortis outlaid $31.5m for a two-level Teneriffe office with long-term plans for an apartment project.

REA puts Teneriffe’s median house value at $5.2m, up 43.5 per cent over the year to July, 2026, while the median unit value is $1.15m, a rise of 18.6pc.

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Charter Hall has confirmed the purchase of three Brisbane industrial investments for a total of $192.4 million.

The two priciest were mooted by realestatesource.com.au:

• In June, it paid Stockland $74.5m on a funds-through basis for 108 Burman Road, Willawong – an Industrial Outdoor Storage investment pre-committed to PrixCar, and
• Last month, it snapped up an Australia Post distribution centre with a 10-year leaseback at 39 Gravel Pit Rd, Darra, spending $70.15m.

Today it announced the purchase of a distribution centre at 51 Peterkin Street, Acacia Ridge (pictured, top), for $47.75m.

On 2.4 hectares it contains 12,856 square metres.

Symbion, part of EBOS Group, offered it with a 15 year triple-net leaseback.

Ownership split

The Darra and Willawong properties have been acquired by Charter Hall Industrial Partnership 6 (IP6), a 50:50 joint venture between Charter Hall Prime Industrial Fund and a major domestic capital partner (continues below).

The Acacia Ridge (Symbion) asset has been acquired outright by CPIF on an initial yield of 5.65 per cent.

“These acquisitions provide exposure to high-quality assets leased to leading tenant customers operating critical infrastructure across the postal, healthcare and automotive sectors,” Charter Hall group CEO David Harrison said.

Industrial and Logistics CEO Richard Stacker added South East Queensland continued to benefit from population growth, freight infrastructure investment and demand from essential supply chain occupiers.

“South East Queensland continues to benefit from population growth, freight infrastructure investment and demand from essential supply chain occupiers,” according to the executive.

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Another waterfront asset in Brisbane’s Australia TradeCoast precinct has sold.

Offered with a leaseback, the Murarrie asset, 39 Rivergate Place, found favour with an interstate private investor for $7.5 million.

Norman R. Wright & Sons is the occupier.

The 1385 square metre holding with unrestricted water access contains a purpose-built boatbuilding facility.

The initial leaseback term is five-years (continues below).

“The property represented a rare investment opportunity given its specialised improvements and unique waterfront capability,” CG Property Group marketing agents Mark Gilbride and Jonathon Burrowes said.

Campbell Gordon of Alvero Property, formerly Evolve Property Solutions, acted for the buyer.

The deal comes 15 months since realestatesource.com.au reported Clarence Property paid Centuria $42m for the neighbouring property – occupied by Yamaha Motors Queensland headquarters and distribution centre.

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