This article is from the Australian Property Journal archive
DEVELOPER Keylin Group has added a 974 sqm site to its holdings in Brisbane’s western suburb of Indooroopilly, which will form part of a mixed-use development proposed for an amalgamated site totalling 6,359 sqm after $25 million worth of acquisitions.
Its latest purchase is the three-level office building at 34 Station Road, for $6.3 million.
The off-market deal was negotiated by Christian Sandstrom and Blake Goddard of Knight Frank in conjunction with local managing agent Drakos Realty.
The purchase follows Keylin Group’s recent acquisition of five separate properties surrounding the property, including 11 Riverview Terrace, 12 Foxton Street, and 30, 40 and 44 Station Road, for $18.6 million, also negotiated by Knight Frank.
Keylin’s proposed development would incorporate residential, commercial and ground floor dining, with a build-to-rent portion for the residences.
The property at 34 Station Road had been owned by an interstate private investor for 20 years.
Sandstrom said the purchase is a strategic one for Keylin, providing it with medium-term income, as the property is fully leased, while it plans the development of the wider amalgamated site.
The site seven kilometres west of the Brisbane CBD and situated within 100 metres of key transport infrastructure, including the Indooroopilly train station and Indooroopilly Shopping Centre.
Goddard said there continues to be a high demand for sites in quality locations where developers can continue to take advantage of the owner occupier market.
“The inner western corridor has been a strong performer in this space in recent years with homeowners looking to downsize,” he said.
Demand is beginning to outstrip supply in Brisbane’s apartments market.
“The major attraction of this site was its great view aspects as well as strong surrounding amenity.”
Keylin is also developing a residential and hotel complex at the former Energex headquarters in Spring Hill, as well as the Park Cove community at Hope Island on the Gold Coast.
