Frasers Property Australia is paying $16.5 million for a Newstead development site.
The 3016 square metre Mixed Use zoned parcel at the corner of Chester and Morse streets is earmarked for residential based project; it was marketed for its potential to make way for apartments, terraces and an urban plaza with retail.
It is currently predominantly a car park.
JLL’s Elliott O’Shea, Sam Byrne and Tim Jones represented the private vendor; the property sold prior to the beginning of a public marketing campaign.
Pending redevelopment approval, Frasers could start construction within 12 months.
Newstead is about three kilometres north east of Brisbane.
Elsewhere in the suburb, five months ago, RF Corval paid $20.5m for a warehouse converted office at 33 Longland St.
Last October not-for-profit Mater Misericordiae Limited settled on an unbuilt office then immediately flipped it with a leaseback, for a premium, to Charter Hall which will hold it in the Social Infrastructure REIT (story continues below).
Boutique project planned
Frasers’ executive general manager, Development, Cameron Leggatt, said the Newstead land will make way for a boutique project with a high proportion of three bedroom apartments and terrace homes.
“The revitalisation of the Newstead and Teneriffe precinct in recent years has made it one of Brisbane’s most desirable lifestyle areas,” according to the executive.
“Given the strong demand for homes in south-east Queensland, we look forward to creating a place that leaves a positive legacy in the community and brings much-needed housing choice to the locality,” he added.
Near the site, Frasers is co-developing a Build to Rent project with the state government on Brunswick Street, Fortitude Valley.
Elsewhere in Queensland, the developer has residential projects at Brookhaven, Hamilton Reach, Keperra and Minnippi Quarter.
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