Sunland offloads ex-ABC Brisbane HQ in two parts

The shelved $420m Zaha Hadid proposal, Grace on Coronation.

Consolidated Properties Group has snapped up the majority of Toowong’s former ABC headquarters with plans for at least two luxury apartment towers.

In December, Colliers sold a Melbourne CBD site for $200m – a deal which ended this Australian Zaha Hadid project.

The 1.26 hectare block at 600 Coronation Drive is costing $35.5 million.

A separate 2346 sqm parcel is trading to another party for personal use, at $8m.

Vendor, Sunland, paid the Rudd government $20m for the amalgamation in 2013.

It later acquired a neighbouring 997 sqm block – 20 Archer St – for $3.25m, and proposed Grace on Coronation, a distinctive Zaha Hadid project with three towers containing 555 apartments.

Colliers’ Adam Rubie and Brendan Hogan represented Sunland, which had cleared most of the ABC buildings and remediated the land.

Three months ago the same agency sold a Melbourne CBD site also once earmarked for a Zaha Hadid design (story continues below).

Next chapter for ABC Toowong site

Consolidated is expected to build about 250 dwellings in structures of at least 15 floors at 600 Coronation Dve.

The project will be delivered with two undisclosed partners – one speculated to be Richard Bell and his wife Kate, who hold a neighbouring site (and a stake in Mexican restaurant chain Guzman y Gomez).

The developer’s chief executive officer James MacGinley said the proposed apartments would be a premium quality.

“While its still early days, we’re eager to continue to work with the local residents and Brisbane City Council in determining the best outcome for the community, all the while preserving the heritage building onsite,” he added. Part of the property could be compulsorily acquired by the state government for a proposed bridge to West End.

In a separate recent deal via Colliers, Sunland sold 20 Archer St to another developer for $4m.

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Marc Pallisco

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

Marc Pallisco