Sarazin has snapped up an East Brisbane site for an apartment building.
The 2673 square metre parcel, 31-33 Wellington Road, on the south east corner of Overend Street (image, top, Google Street View), is setting the group back $13.75 million.
Zoned HDR2, which typically allows for 15 floors, it was offered permit-ready for an 18 level project, with 181 flats.
The property is about 100 metres from the Gabba, in Woolloongabba, and a 25 storey apartment building the group completed last year, Silk One, with 172 dwellings.
It is planning two more residential towers neighbouring that complex – Silk Two, with 146 units over 25 floors, and Silk Three, with 239 dwellings across 32 levels.
Sarazin outlaid $25m for that 6381 sqm amalgamation, on Stanley St, in 2015.
Also in the pocket, on Wellington St, the developer is proposing 409 residences and 1000 sqm of retail in a complex branded the Wellington (story continues below).
Olympic precinct a driver: agents
“This sale reiterates the strong demand for development sites with quality fundamentals including those located within precincts experiencing high growth and rapid transformation through the delivery of large-scale infrastructure,” Andrew Gard said.
“This site’s immediate proximity to Brisbane’s future Olympic precinct was a key value driver,” he added.
Sarazin is Sydney based but has an office at Woolloongabba.
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