Bradken Foundry development site sells for $26m20 January 2020
A 16ha site occupied by an old foundry on Brisbane’s south side has been sold by Bradken for $26m. The sale represents a price of $1,625,000 per hectare.
After operating on site since the 1940s, Bradken closed the plant in 2019 and offered the property for sale via Knight Frank.
Adjoining Runcorn rail station, 14 km from the CBD, the Foundry site is surrounding by sporting fields and green spaces. Knight Frank engaged Place Design Group to establish a master plan for the site that capitalises on the site’s history and its unique location adjoining the train station and adjacent extensive open space parklands. The master plan includes a vibrant food and entertainment precinct with cinemas, a tavern and a supermarket that form a strong focal point from the station, and a network of streets and spaces that provide opportunity for diverse housing product to cater for the area’s varied demographic.
The Master Plan is of course, just a proposed plan established to assist the sale of the land. The land remains zoned as General Industry A and has a significant number of planning and heritage constraints to the site.
The entire site is considered a heritage place under Brisbane City Council’s Heritage Register, with the site previously occupied by a series of historic proprietors. The following extract has been taken from the Heritage Register (2014): “This industrial site was established in 1886 as a bonemill for Clazy, Main & Smith & Co. It ground bone into fertilizer for the fruit and vegetable farmers of the Sunnybank District. The bonemill was taken over by ACF & Shirley Fertilizers in 1928. In 1943‐44, during World War II, the US Army’s Quartermaster Corps utilised the site for warehouse storage and as a lumberyard. In 1944‐45, the facilities were leased by the Royal Navy’s Pacific Fleet. W. A. Franklin converted the bonemill into a sawmill in 1947. In 1956, Bradken Resources Pty Ltd began operations on the site. The sawmill remains from the site's early usage".
Despite these constraints, the site does represent a significant rezoning and development opportunity. The fact that it is surrounded by established residential areas and adjoining a major railway station will likely see the site developed into the mix of residential, commercial and retail uses as envisaged in the Master Plan.