This article is from the Australian Property Journal archive
VCP Developments has bought a development site in South Brisbane from two private investors in an off market deal worth $5.65 million.
Located at 1-5 Cameron St South Brisbane, the site comprises a 1,218 sqm land parcel and improved with older style office and warehouse buildings. Zoned MU1 Mixed Use under the South Brisbane Riverside Neighbourhood Plan, the site has been earmarked for redevelopment up to 12 storeys comprising 82 apartments.
JLL`s Sam Byrne and Blake Goddard handled the sale on behalf of two private investors.
“Both owners were able to unlock additional value from their respective property’s by offering the site in-one-line.
“This allowed the incoming developer to take advantage of the increased unit yield from undertaking a larger development. VCP Developments, a local private development company, intends to continue with the success of their recent development in nearby West End and undertake a high quality residential apartment project comprising 82 units primarily focused on the owner occupier market,” Byrne said.
Australian Property Journal
