Kangaroo Point’s Shafston House, believed to be Brisbane’s third oldest standing home, has sold to developer Burgundy Property.
On a 9958 square metre block with 80 metres of Brisbane River frontage, 23 Castlebar Street collected c$20 million.
Vendor Keith Lloyd paid the federal government $1.8m in 1994, a year after acquiring the leasehold from late restaurateur Gary Balkin.
The businessman then added five buildings – creating 2675 square metres of area – and occupied it as Shafston International College.
Following the sale by Cushman & Wakefield’s Andrew Gard and Michael Gard, the school will close.
Shafston House staring down progress
Designed by Robin Dodds, Shafston House was developed between 1851-1904 for pastoralist and explorer Henry Stuart Russell (story continues below).
The federal government purchased it in 1918; the property was since the late 1960s an RAAF office.
Surrounded by 10-15 level towers, the land was marketed squarely to major developers experienced in high-density residential.
According to the Queensland Heritage Register the Victorian Gothic is thought to be the city’s third oldest standing home after Newstead House (1846) and, directly opposite that on the Brisbane River, Bulimba House (1849).
Mr Lloyd, who retired last November, formerly owned Norman Park’s prominent ‘pink mansion’ also on the river, at 62 Wynnum Road.
He also once sold a successful ship-building business to Christopher Skase.
Burgundy is headed by Kevin Pan.