Developer buys another Stones Corner apartment site
Gardner Vaughan Group has secured an apartment development site in Brisbane’s inner south-east.
Permit-ready for 226 dwellings, 75-85 Cleveland Street, Stones Corner, was offered by Kieran Gartshore’s DAKL Group.
It cost $23.159 million following an off-market deal.
Zoned High Density Residential 1, the 3846 square metre holding is about three kilometres from Brisbane’s CBD.
Permit-ready site
The Stones Corner site is permitted for two 12-storey residential towers.
The price puts the land at $6022 per sqm.
It values each approved dwelling at c$102,500.
“Gardner Vaughan Group was actively in the market looking to secure another site to shore up both their project and construction pipelines,” RWC Queensland’s Tom Barr, who brokered the deal, said.
“We were discussing several site opportunities with them and mentioned this site was potentially coming to market and they did not hesitate to make an offer, resulting in an off-market deal being agreed before the property went to market,” he added.
Integrated builder-developers remained among the most active buyers of Brisbane apartment sites, as construction delivery challenges continued to affect the sector, according to the agent (continues below).
“Due to ongoing construction delivery challenges, the ‘builder-developers’ are without doubt the most active and aggressive buyers of residential apartment sites in the Brisbane market currently,” he said.
“And this sale to Gardner Vaughan Group reinforces that fact,” he added.
Gardner Vaughan backs Stones Corner again
The previous Cleveland Street project was penned by NMDS Architecture, with rooftop recreation areas and a skybridge connection between the towers.
Gardner Vaughan Group recently completed the 90-apartment Stonebrook project in nearby Flora Street and is behind another project 200 metres from there, VIVO – presently awaiting council approval.
The area has undergone significant urban renewal in recent years with hospitality and retail investment as well as high-density residential.
The suburb is also benefiting from its proximity to the Boggo Road health and innovation precinct, including the Princess Alexandra Hospital, as well as Greenslopes Private Hospital.
It is about three kilometres from the planned Woolloongabba Olympic precinct too, expected to drive further infrastructure investment ahead of the 2032 Games.
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