Two-storey office sold for 20-level apartment tower
A Brisbane developer has bought a two-storey office with plans for a 20-level apartment tower.
TRK Group, founded by the Kohli family, paid $20 million for 176-186 Montague Street, South Brisbane, settling in July.
It has already applied to replace the 1917 square metre lot with 161 dwellings,
Penned by Cox Architecture, the proposal also includes a four-storey podium, rooftop garden and resident amenities including pools, a fitness studio, dining, a wine-tasting room and cinema.
The apartments will contain between one and four bedrooms.
The deal comes six weeks since realestatesource.com.au reported Zhen Chen’s Skyhold paid $14m for a two-level Queenslander able to support a 30-storey tower under the Kurilpa local planning instrument.
Also in July, Sherpa bought 2 Cordelia St, South Brisbane, with plans for a 28-level apartment tower, a component of which will be reserved for first home buyers, as part of that group’s Flourish concept.
That seller was Greenfort with two offshore capital partners which acquired it four years ago for a build-to-rent project.
In June, Stockwell snapped up the balance of the suburb’s landmark Parmalat site, also known as the Paul’s Milk factory, to be master-planned with a residential-based multi-building village (continues below).
176 Montague Street
The TRK holding is opposite the ex-Visy site which Lendlease is redeveloping.
It was marketed for its potential to yield c190 dwellings.
With a 2340 sqm office it was once owned by Otswald Bros Equity when the Queensland-based civil construction group occupied.
It is a high-quality fit-out and ground floor cafe.
Cushman & Wakefield’s Brendan Hogan, Hunter Higgins and Simon Beirne were the agents.
Subscribe to our newsletter at the bottom of this page.
