Sarazin invests beside the Gabba again

The proposed tower at 31-33 Wellington Street, East Brisbane.

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).

Sarazin completed Silk One last year.

Olympic precinct a driver: agents

Cushman & Wakefield’s Andrew Gard and Michael Gard marketed 31-33 Wellington Rd – presently two offices and a warehouse.

“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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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of