This article is from the Australian Property Journal archive
LANDOWNERS are looking to capitalise on the anticipation of Brisbane hosting the 2032 Olympics, with a 1.28-hectare development site in the Woolloongabba sports precinct hitting the market with expectations of over $45 million.
The largely cleared rectangular site at 73 Ipswich Road has a sealed yard of large handstand suitable for outdoor display or building expansion, but is still occupied by three buildings totalling 3,531 sqm. It has three street frontages, to Ipswich Road and Henry Street, and could be used for residential, commercial, medical or hotel.
The local private vendor has appointed Knight Frank’s Blake Goddard, Christian Sandstrom and Matt Barker, and Ray White Commercial Bayside’s Nathan Moore to market the property.
Goddard said the property was one of the largest privately-owned infill sites within a two-kilometre radius of the Brisbane CBD.
“We expect a wide range of developers to be interested in this site, including residential, commercial, mixed-use and build-to-rent developers, due to its flexible zoning allowances,” he said.
The property is just south of the Gabba, which is set for $1 billion redevelopment later this decade in preparation for major hosting duties in 2032, and is also close to the Cross River Rail and presents easy access to major arterial roads including Ipswich Road and the M1 Pacific Motorway. A new $450 million Brisbane Metro station near the Gabba will be delivered ahead of the Olympics after all three levels of government signed off on the $1.8 billion South Queensland City Deal in March.
“Quality development sites are sought after in the current market, but this site will be even more attractive to a wide range of buyers due to the rarity of size and location.”
“The property is set to benefit from its prime location underpinned by exceptional future development opportunities in the area surrounding the 2032 Olympics,” he said.
Expressions of interest for the property will close 9th June.
To the west of the Gabba, a high net worth investor has now taken control of a 2,900 sqm parcel of land after buying a corner retail property for $2.75 million.
The purchaser bought 719 Stanley Street, adding to the neighbouring 723 Stanley Street and 727 Stanley Street properties, which were purchased over eight years.
