A 5,385sq m amalgamated development site, consisting of five separate properties in Indooroopilly and known as the Indooroopilly Amalgamation, is up for sale
The properties at 11 Riverview Terrace, 12 Foxton Street, and 30, 40 and 44 Station Road, consist of a small retail centre, a 2-level commercial building, two-residential apartment buildings totalling 14 units and a large site with a vacant hall
They will be offered to the market in one line or individually via an Expressions of Interest campaign run by Knight Frank
The amalgamated site allows for future development of up to 15 storeys, subject to council approval, with future uses including commercial, retail, allied health, residential, build-to-rent, short-term accommodation, child care and education
Brisbane, Australia – ONE of the largest development sites to be offered to the market in recent years within the tightly-held Brisbane suburb of Indooroopilly is up for sale.
The opportunity, known as the Indooroopilly Amalgamation, is a rare property holding strategically located in the heart of Indooroopilly, consisting of five separate properties with combined site area of 5,385sq m.
It has been amalgamated by several owners over the past 15 years to create a unique future development opportunity to meet the need for the local community.
The properties at 11 Riverview Terrace, 12 Foxton Street, and 30, 40 and 44 Station Road consist of a small retail centre, a two-level commercial office building, two-residential apartment buildings totalling 14 units (which are fully leased) and a large site with a vacant hall.
They will be offered to the market in one line or individually via an Expressions of Interest campaign run by Christian Sandstrom and Blake Goddard of Knight Frank.
Under the local Indooroopilly Centre Neighbourhood Plan, the entire site allows for future development of up to 15 storeys, subject to council approval.
Mr Sandstrom said the opportunity was one of the largest available land holdings with multiple development outcomes in Brisbane’s near-city market.
“Land is a finite commodity, especially within Brisbane’s inner-city ring, where demand is at its strongest,” he said.
“The Indooroopilly Amalgamation is the only genuine development opportunity in excess of 5,000 square metres available for sale in Brisbane’s western corridor, and as such possesses inherent land value alone.
“Benefitting from three street frontages and having been identified as imperative to the Indooroopilly Centre Neighbourhood Plan, the future potential of the site is extensive and unlikely to be replicated.
“This significant development potential provides for a wide array of future uses, including commercial, retail, allied health, residential, build-to-rent, short-term accommodation, child care and education, supported by the surrounding services, infrastructure and amenity of the area.
“The site is in a prime location, just seven kilometres west of the Brisbane CBD and nestled between key transport infrastructure and amenity including the Indooroopilly Train Station and Indooroopilly Shopping Centre, which is just 100 metres down the road.
“The amalgamation has been coordinated by a long-term Indooroopilly resident and is a unique example of constructive cooperation between owners.”
Industry sources indicate that based on recent site transactions and limited site opportunities, the anticipated price expectation will be $20 million-plus.
Mr Goddard said the amalgamation provides holding income from a variety of sources, while an appropriate development approval is sought.
“This de-risks the investment and potentially funds a purchaser’s development application costs and holding costs, while allowing the incoming purchaser to capitalise on the next development cycle.
“We expect both interstate and local buyers to be attracted to this opportunity, due to the development potential, rarity of such a site and the prime location.
“Quality sites with holding income are still very much sought after in this market, with Brisbane becoming an even more attractive development destination due to population growth and the future Olympics, with the city set for greater infrastructure.”
The Expressions of Interest campaign for the Indooroopilly Amalgamation will close Wednesday, September 1.