DOMA quietly snaps up controversial skyscraper site
DOMA Group has bought a Brisbane CBD development site where a proposed 91-storey apartment tower was abandoned after engineering constraints associated with Cross River Rail curtailed the project.
The Canberra-based developer paid $33.55 million for the 1642 square metre cleared island holding at 30 Albert Street (pictured, top),
The seller, Singapore-listed World Class Land, paid $35.36m in 2014.
Cox Architecture penned the skyrise project.
JLL’s Paul Noonan and Jack Sullivan with Tuckombil Advisory’s Andrew Borger brokered the off-market deal.
Doma halves height
DOMA plans to redevelop the holding with a 47-storey mixed-use tower centred on a Little National Hotel, marking the brand’s maiden Queensland location.
The proposal also includes conferencing facilities, wellness amenities and landscaped communal areas.
The design for upper levels remain under assessment – potential outcomes including build-to-rent, apartments, co-living or purpose-built student accommodation.
Managing director Jure Domazet said Brisbane had been identified as the group’s next expansion market after Little National’s entry into Sydney in 2020 (continues below).
“The location is exceptional — adjacent to the Botanic Gardens, a short walk to the river, the Kangaroo Point Bridge and the heart of the CBD,” according to the executive.
“Brisbane is a city with genuine momentum, and with Cross River Rail and the 2032 Games as long-term tailwinds, the timing felt right,” he added.
The group intends to lodge a development application before the end of the year.
The acquisition comes as hotel investors and developers continue targeting Brisbane ahead of the Games, with population growth, tourism recovery and comparatively limited new accommodation supply underpinning investment activity.
Industry data indicates the city’s average daily room rates and revenue per available room have both increased substantially since 2019, while the development pipeline remains relatively constrained.
“Visitor growth is significantly outpacing new supply, and with the 2032 Games as a long-term catalyst, 30 Albert Street is exactly the kind of well-positioned, high-quality asset this market needs,” Mr Noonan said.
The Albert St site occupies a prominent position between Margaret St and the City Botanic Gardens, an area expected to benefit from improved connectivity following completion of Cross River Rail.
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