This article is from the Australian Property Journal archive
BRISBANE-based investment company IJ Capital has picked up the former Aviary Toowong site in inner Brisbane, and will partner with an adjoining owner to deliver a $2 billion retail, office and residential development.
The company has acquired the 9,000 sqm site at the corner of Sherwood Road and High Street for $53 million from a syndicate run by RW Capital and State Development Corporation Pty Ltd, in a deal negotiated by Christian Sandstrom of Knight Frank in conjunction with Ian Heatherington from Ray White.
It will team up with the owner of the adjoining 80-88 Jephson Street site to create a 1.3-hectare site for the mixed-use precinct, which is expected to cost $1 billion to develop and have an end value double that figure. It will reportedly comprise 25,000 sqm of each of commercial and retail space, and 700 apartments across four towers.
Plans for the 9,000 sqm site had been approved three years ago.
Ross McKinnon, MD of State Development Corporation said the sale of the land enables RW Capital to deliver a return to its investors after many months of uncertainty.
“We are delighted that the purchaser will look to develop the property,” he said.
“Since launching the development in 2020, we have received overwhelming support from council, local residents and retail tenants, and we have no doubt that once built, the project will provide fantastic amenity to the Toowong community.”
Sandstrom originally sold the site to State Development Corporation and introduced the new purchaser in the current sale, and said he had been working with the purchaser for an extended period in transacting the deal.
He said the property is in a prime site in the heart of Toowong, and will follow other recent developments including the Monarch development on the old ABC site and Mosaic developments on Sylvan Road and Archer Street.
