South Brisbane Queenslander to be razed for apartments
A South Brisbane Queenslander is set to make way for apartments after selling to Zhen Chen’s Skyhold.
The dwelling on 931 square metres at 39 Russell Street, on the corner of Manning, opposite Musgrave Park, cost $14 million.
It previously traded in 2008 for $1.75m.
The site can support a tower up to 30 levels under the Kurilpa temporary local planning instrument which has encouraged redevelopment interest across South Brisbane and West End.
Parkside block
The South Brisbane block has a combined 62 metres street frontage (continues below).
“The combination of planning potential, location and protected outlooks generated strong competition from highly qualified groups capable of delivering a quality project on the site,” Gard Property selling agent, Andrew Gard, said.
“The 30-level height allowance attracted strong interest while the outlook across Musgrave Park gave the site a rare advantage,” he added.
Co-agent Michael Gard said “the transaction reinforces the continued demand for premium, well-located development opportunities across Brisbane’s inner-city where quality sites continue to attract strong competition from local and interstate developers”.
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