This article is from the Australian Property Journal archive
BOUTIQUE developer Silverstone Developments has paid $8 million for an apartment development site at Toowong in Brisbane's inner west.
Colliers International’s associate director of residential Brendan Hogan negotiated the sale of the 1,555 sqm site at 66-68 High St Toowong and said the $5,144 per sqm rate sets a new benchmark for development site values in Toowong.
The site was sold with development approval for a 20-storey residential apartment tower comprising 154 units.
Hogan, who transacted four of the last five major site transactions within the tightly held inner western suburbs, said this site was always going to be attractive to developers, given its location in the heart of Toowong.
“Silverstone Developments moved quickly to secure the opportunity given the quality of the offering. The location of the site was the biggest selling point, being in the heart of Toowong Village shopping and dining hub. The elevated location of the site also means that the completed project will offer some views of the city and the river.
“Relative to other inner city precincts there is a lack of new apartment product in the inner western suburbs and particularly Toowong. This undersupply, coupled with strong demand for new apartments, has influenced the $5,144 per sqm price for this site, setting a new benchmark for residential development sites in the Toowong precinct,” Hogan said.
Silverstone Developments managing director Troy Daffy said the company has been trying to secure a western suburbs site for some time.
“We have already managed to secure planning approval through Brisbane City Council, who did an amazing job to approve the project within three months.
“As a result of extensive positive feedback we have received on the quality of the 20 storey development, we are commencing construction immediately and will undertake a public sales launch early in the new year. We anticipate handing over keys to our future owners within the next two years,” Daffy said.
Australian Property Journal
