Keylin has paid $18.6 million for an amalgamation of Indooroopilly properties covering a chunk of Station Street, between Foxton St and Riverview Terrace.
The 5385 square metre holding is set for a mixed-use project containing offices, retail and residential.
Apartment complexes are set to have activated rooftops with premium amenity capturing views of the Brisbane CBD, seven kilometres to the north east.
Some dwellings will be allocated for Build to Rent investments.
The property is about 80 metres to the Indooroopilly Shopping Centre and twice that distance to the train station.
Knight Frank’s Christian Sandstrom and Blake Goddard, who brokered the deal, said interest came from a range of suitors.
“The amalgamated holding presented one of the largest available land holdings with multiple development outcomes in Brisbane’s western corridor and attracted local and national interest,” he added.
“The sale is well timed to capitalise on the strong level of demand and continued uplift in property values in Brisbane and provides an income from the existing commercial and retail tenants,” according to the agent.
Elsewhere in Brisbane, at Spring Hill, Keylin and Accor are delivering Queensland’s first Mövenpick Hotel as well as a $140m high rise building, ORIA.
Last January the group with Kinstone Group paid QIC c$30m for the 47.8 hectare Coomera Town Centre South site, which was offered permit ready for offices, retail and residential (residential).
Indooroopilly earmarked for BTR
The acquisition required 11 contracts over 17 dwellings – a mix of standalone homes and apartment complexes, on land zoned Mixed Use and Medium Density Residential – which the vendor acquired over 15 years.
- 11 Riverview Tce;
- 12 Foxton St, and
- 30, 40 and 44 Station Rd.
“An amalgamation of this quality is very special and incredibly rare,” Keylin managing director, Louis Cheung, said.
“The size and location of the site allows the development of an integrated mixed-use project,” he added.
“A portion of residences will be dedicated to BTR, recognising the strong demand for quality rental accommodation close to key transport nodes, Indooroopilly SC and leading state and private schools,” according to the executive.
“By acquiring the aggregation in one line we can achieve a far enhanced outcome that focuses on integrating leading architecture, extensive landscaping and complementary uses.
“We are excited about the opportunity to create a community within the heart of Indooroopilly, a suburb which offers excellent education, retail and transport amenities”.
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