Frasers exits Brisbane site after planning uplift
Frasers Property Australia has sold an inner-city Brisbane site just over six months since winning a permit to replace it with two 16-level apartment towers.
The group finished comfortably in the black from the sale of the 3016 square metre amalgamation covering 11A-19 Chester Street and 1A-3A Morse.
It paid $16.5m ex-GST in 2021.
The incoming buyer, Graya, is paying $40m – a 142 per cent uplift.
Chesters Real Estate’s Tim Jones and Vaughn Smart were the agents.
Reset project sold
The sale follows a reset of plans for the project dubbed Chester and Morse, with Frasers initially seeking approval for a 17-storey, 142-apartment tower before the scheme evolved into a two-tower project.
The approved plan also includes townhouses and ground-floor retail.
The site sits immediately behind the James Street precinct, linking one of Brisbane’s best-known lifestyle and retail destinations with the broader Newstead and Gasworks precincts.
Graya is expected to reassess the approved scheme (continues below).
“Sites of this scale within the James Street precinct are exceptionally scarce, particularly those capable of accommodating a project of genuine significance,” Graya director Rob Gray said.
“The location, surrounding amenity and long-term fundamentals of the precinct made this a compelling acquisition for us and highlights our continued belief in the area,” he added.
142 per cent uplift
The Chester and Morse site sale follows a series of strong inner-north Brisbane land transactions, including Boldstone’s $30m-plus acquisition of the Robertson Street amalgamation in Fortitude Valley and a $22m sale of 9 Longland St, Newstead, which can accommodate a 10-level residential project.
Mr Jones said the campaign reflected demand for larger inner-ring development sites.
“Opportunities of this scale within the inner north and particularly so being just metres to James Street are becoming exceptionally scarce,” he added.
“The level of competition throughout the process reflects the continued confidence developers have in Brisbane’s long-term growth story, particularly within premium inner-city locations where large development parcels are exceptionally rare,” according to the executive.
Newstead is three kilometres north-east of Brisbane’s CBD.
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