Toowoomba developer pays $4.2 million for Brisbane block, applies to build major mixed-use complex

A developer is paying $4.2 million for a permit-ready property in Nundah, about eight kilometres north east of the Brisbane CBD.

The 8523 square metre site at 20 Nellie Street was approved to make way for a residential complex containing 168 apartments within four buildings.

An aerial image of the site (outlined), less than eight kilometres from the Brisbane CBD.

Instead, the incoming owner – a Toowoomba based investor – will take advantage of the land’s mixed use zoning: applying for an alternative development outcome comprising of a child care centre, indoor sport and recreation complex, health care facility and offices (artist’s impression, top).

The Nundah train station, Nundah Village shopping centre, Nundah Farmers Market and Oxen ham Park are all within 250 metres of the property.

Toombul Shopping Centre, with a bus interchange, is less than a kilometre away.

Colliers International’s Brendan Hogan and Jason Dao marketed 20 Nellie Street.

“We ran an expressions of interest campaign which generated over 110 enquiries from a range of residential and mixed-use, commercial and medical developers,” Mr Dao said.

“From this process, we received 11 offers, but the successful buyer, a private developer from Toowoomba was introduced to us by David Brisk, an industrial expert with Colliers, who was actively working with the buyer”.

Mr Brisk added that the purchaser “hadn’t been able to find a suitable property for their plans hence why they chose to buy this site and build their own project”.

“The site appealed to them as it is a built up residential and commercial precinct surrounded by lifestyle amenity,” Mr Hogan added.

The site (outlined) at 20 Nellie Street, Nundah, was offered permit-ready for an apartment village. Instead it could be replaced with a commercial and community project, after selling to a Toowoomba-based builder for $4.2 million.

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Marc Pallisco

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

Marc Pallisco