A prominent mixed-use development site in Brisbane’s inner-city suburb of Newstead has traded for the first time in over 60 years for $14.3 million.
Savills’ Peter Tyson and Robert Dunne handled the sale of the 5,272 sqm site at 56 Breakfast Creek Road, Newstead on behalf of long-standing owner Alex Gow Funerals who acquired the site in the 1960’s.
The family-owned funeral business was originally founded in 1840 as Queensland’s first funeral business and have operated the group’s headquarters from the Newstead site for over 60 years.
Group director Brett Gow said “the sale of our Newstead site is the end of an era for the family-run business, but also marks the beginning of a new one. Our business is expanding with two new facilities planned in locations to Brisbane’s north-west and bayside regions to better serve the families of the greater Brisbane area.”
Peter Tyson noted “the landmark site sold to a Brisbane based group who plan to redevelop the site for an office use in the future.”
“The Newstead – Teneriffe – Fortitude Valley axis remains one of the most desirable development destinations in Brisbane and the site attracted interest from local and interstate developers” Tyson said.
Robert Dunne said “opportunities of this scale with such potential are increasingly rare in the area as developers scramble to secure inner city properties with extensive development potential. Being located on busy Breakfast Creek Road, the site provides a gateway address proximate to the CBD and Brisbane’s affluent inner north.”
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