This article is from the Australian Property Journal archive
LISTED property developer Land & Homes Group Limited has abandoned its plan for a high density project and offloaded the site at the northern edge of Brisbane’s CBD for $19.5 million – below what it paid five years ago.
LHM said in a short statement that the sale of the 207 Wharf St Spring Hill property will allow the company to focus its attention and its financial resources on the future development of the Barry Parade project in the Fortitude Valley.
The Spring Hill is currently improved by a four-storey commercial building set on a 1,835 sqm site.
LHM acquired the property in early 2016 for $21 million and had plans to develop a high density project.
At the time of the purchase, the Australian Federal Police occupied the building but their lease expired in mid-2017 and the property is now partly occupied by short term tenants.
The Brisbane City Council’s new planning control, known as the Spring Hill Neighbourhood Plan, is awaiting ratification by the state government. This will allow an “as of right” development for a 30-storey tower for residential, hotel or commercial use.
