Inner Brisbane apartment site trades for $22m
A prominent site at the east edge of Newstead’s Longland Street commercial precinct sold off-market this month to a local investor with plans to build a high density residential “generational family asset”.
The showroom on 1510 square metres at #9, on the south west corner of Wyandra St (pictured, top), collected $22 million.
The result prices land at a suburb record $14,569 per square metre, MP Commercial’s Mike Walsh, who brokered the deal with Peter Court and Chesters Real Estate’s Tim Jones, said.
A year ago, similar sites in the area were achieving c$8000 per sqm, according to the executive.
Vendor Jera Constructions paid $1.75m in 2002.
9 Longland Street
Opposite Gasworks and the Total Fusion precinct, 9 Longland St can accommodate 10 level buildings.
Five minute walk to James Street and just over twice that to the CBD, the inner north Brisbane was chosen over 15 others in the Newstead, Newfarm and Teneriffe precints, the agents, who acted for the buyer, said.
Settlement was set for 14 days.
“The level of activity we’re seeing across Brisbane’s near-city markets, particularly in the inner north, is unlike anything in recent memory,” Mr Jones said.
“Developers are moving quickly to secure sites as apartment revenues surge, planning outcomes become more flexible and the Olympic clock continues to tick down,” he added.
The deal comes three months since we reported MEX Maintenance Software founder Steven Ninnes sold a Newstead warehouse converted office on 956 sqm to Silversmith Capital Partners.
Also in July, Mirvac offloaded a high density residential development site, spreading 9368 sqm abutting Brisbane River, to Dan O’Rorke’s Consolidated Properties.
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