Sunland Group have sold their controversial residential development site in Toowong to Consolidated Properties Group for $43m.
Sunland acquired the form ABC Studios site in 2013 for $20m after a contamination fear in 2006 forced the ABC to abandon the site after a cluster of 17 women were diagnosed with breast cancer. The site was since cleaned and sold to Sunland.
In 2014, Sunland submitted a development proposal for the site which provided for 3 towers (2 at 24 storey and a 3rd at 27 storeys) with 494 apartments and 635 car parking spaces. The planning controls for the city permitted development up to 15 storeys and caused significant concerns for local residents. The application was ultimately refused by the Supreme Court in 2018.
Sunland considered preparing a revised DA for the site, however by then, the residential apartment market in Brisbane had dried up.
In October 2020, Sunland’s Directors announced that it would sell sites which not in Development. In December the group sold 154-156 Marine Parade Coolangatta for $12.8m, Carrum Downs, Melbourne for $17m and in January 2021 the Group announced the sale of the Greenmount Hotel site, Coolangatta for $42.3m.
The 1.5ha Toowong site has significant development potential, and Consolidated Properties will seek to prepare a new development Application for the site which is sympathetic to the concerns of residents and take advantage of the unique riverfront position.
The sale of the Toowong site to Consolidated Properties involves two separate contracts, both conditional upon the reconfiguration and subdivision of the land. Once the conditions are met and new titles are issued, Consolidated Properties Group will proceed with the purchase of the major part of the land for $35.5 million with settlement scheduled January 2022.
The balance of the land comprising 2,346sqm is being acquired for $8.0 million by interests other than CPG for their own personal use and is scheduled to settle in August 2021.
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