Not-for-profit sells sensitive Story Bridge site
Brisbane Ethnic Community Radio 4EB has sold part of its Kangaroo Point headquarters in a development-sensitive area beside the Story Bridge.
The 868 square metre Mixed Use 1 zoned parcel, 120 Main Street, collected $7 million from a developer.
It has been used for decades as a car park.
The not-for-profit offered it with a scheme for a seven-level building addressing two of the site’s constraints – the Story Bridge view corridor and the Clem 7 tunnel under the pocket.
The deal was negotiated in December on a long settlement.
JLL’s Sam Richards and Ryan Shepherd were the agents.
4EB will continue to broadcast from its neighbouring headquarters, 140 Main St.
It has bee based in the precinct since 1988 (continues below).
Development-sensitive site
4EB undertook planning and technical work before listing the property.
“Instead of leaving…problems for a buyer, we resolved them upfront,” Mr Richards said.
“We engaged independent town planners to confirm the seven-storey height potential and geotechnical experts to model construction over the tunnel,” he added.
The work established development potential with a building height of 23-25 metres Australian Height Datum.
The site has about 60 metres of combined frontage to Main St and a rear laneway.
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