Kokoda, Trask snap up Brisbane development sites

CSL is banking $23.5 million for the Narangba block (shaded).

Residential developers have swooped on two more Brisbane sites.

In the biggest deal, local builder Trask Land is paying $23.5 million for a 19.66 hectare block at Narangba, 34 kilometres north of the CBD.

The vendor of 9-17 Wheaton St, 200 Mackie Road and 34 Boscoe, was CSL Building Products; the amalgamation was formerly a quarry.

A low density housing estate is planned.

Colliers’ Adam Rubie and Brendan Hogan were the agents.

Kokoda doubles down in Milton

Meanwhile, closer to town, Melbourne developer Kokoda, led by ex-real estate agent Mark Stevens, has outlaid c$11 million for a 1640 square metre site at Milton.

The acquisition of 12-18 Crombie Street (pictured, top) comes as the group puts the finishes touches on another project in the area, The Ambrose, at 19-23 McDougall St.

Kokoda has appointed the architect of that complex, Cottee Parker, to pen its upcoming Milton project, expected to contain 160 dwellings over 22 floors (story continues below).

The proposed Crombie Street tower.

The design will also include a private dining room, health and wellness space, gym and rooftop pool.

“Brisbane is rapidly transforming into a new world city; its culture, business centre, technology and lifestyle is evolving with over $40 billion of infrastructure investment planned, so naturally there is a shift occurring with demand now skewed towards sophistication and luxury residential design” Mr Stevens said.

“High end developments with a design led approach are contributing towards this transformation so we are proud to be actively developing in what is one of the most exciting times in Brisbane’s modern history,” he added.

The deals come two days since we reported Sarazin, which is Sydney based, snapped up a permit-ready apartment site at East Brisbane, near the Gabba.

Last month, meanwhile, Fortis – also from New South Wales – snared an older style apartment complex at Kangaroo Point, on the banks of the Brisbane River.

Covering 1197 sqm, it is earmarked for a 16 storey project with full floor dwellings.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.