Development site in prestigious suburb of Brisbane’s inner east sells for $27.5m

A $150 million residential development designed for sustainable subtropic living will be built on a site in Brisbane’s inner east following the recent settlement of the sale of the site.

The property at 91 Lytton Road in Balmoral consists of a 23,265sqm site comprising two lots with street frontage to the busy Lytton Road, as well as Bolon Street and Andrew Street.

It was occupied by a place of worship, which was surrounded by a number of carparks, but has been sold for $27.5 million, representing an englobo land rate of $1,182 per square metre.

It was purchased by Zhen Chen of Skyhold in a deal negotiated by Blake Goddard and Matt Barker of Knight Frank.

The property will now be redeveloped, with Skyhold securing development approval for four medium density buildings on the site with a total gross floor area of 24,645 sqm.

Mr. Chen said: “Skyhold are excited to be launching our next signature project within the upmarket Bulimba/Balmoral catchment. Opportunities of this scale within the inner city are almost non-existent and our vision for the site aligns with this once in a generation opportunity.

“Our vision, designed by internationally celebrated architect Fender Katsalidis responds to current market demands, resulting in generous private open space alongside intergenerational communal recreation opportunities. The development offers housing diversity for housing entrants as well as right-sizers within the area.

“Skyhold is proud to have worked with Knight Frank in this key transaction.”

Mr. Goddard said the site was sought after during the sales campaign, which took place three years ago, with settlement only just effected following the previous owner-occupier’s recent completion of their new facility in Tingalpa.

“The Knight Frank Team was engaged to divest the site, capitalising on growing demand for residential infill opportunities in Brisbane’s southeastern corridor,” he said.

“During the campaign we had strong interest in the property, with over 120 enquiries from a range of buyers attracted to the uniquely large parcel of land with multiple favourable development outcomes.

“The site lies within one of Brisbane’s most popular and prestigious residential locations, Balmoral, a suburb that has ideal neighbourhood amenity and close proximity to the Brisbane River, less than four kilometres from the CBD.

“A residential development on the site will benefit from the strong demand to live in the area and the high surrounding residential dwelling price – according to Realestate.com.au the median house price is currently $1.85 million.”