Colliers sell rare inner city development site for$5.1m to Addval Developments

A prime inner city development site with uninterrupted views of the CBD and development approval for a 12 story luxury residential apartment complex has been sold by Colliers agents Nick Wedge, James Matley and Hunter Higgins.

After a competitive expressions of interest sales process, the corner site consisting of three lots, 37 Leichhardt Street as well as 8 and 10 Downing Street, was sold to ACT based Addval Developments.

Colliers Director Investment Services Nick Wedge said the property represented one of the best โ€˜infillโ€™ residential development sites, in the tightly held and highly sought-after suburb of Spring Hill.

โ€œWith development approval in place for 15 luxury residential apartments over 12 levels with the refurbishment of the existing heritage dwelling on site, this provided a great investment opportunity,โ€ Nick Wedge said.

โ€œWe had a lot of interest in the site due to the exceptional demand for established and new housing in Brisbane.

โ€œBased on historical demand and likely anticipated supply, Inner Brisbane will experience a shortfall of 16,000 new apartments over the next four years,โ€ Nick Wedge added.

Colliers Residential Site Sales Executive James Matley said located less than 1km from Brisbaneโ€™s CBD this site provided a great opportunity for the purchaser.

โ€œWhile it already has development approval for residential units, it is zoned as mixed use 1, allowing for a range of development outcomesโ€.

โ€œThe zoning provides opportunities including residential, mixed use, retirement/aged care, build to rent, student accommodation, office, a hotel or serviced accommodation, commercial, medical, retail as well as child care, all subject to council approval,โ€ James Matley added.

Colliers National Director Investment Services Hunter Higgins said Spring Hill was one of Brisbaneโ€™s premier inner city suburbs with unmatched locality through its connectivity to amenity including Brisbane CBD, Roma Street Parklands and Train Station and two major private hospitals and schools.

โ€œOpportunities to develop boutique apartment or townhouse projects on the doorstep of the CBD are exceptionally rare,โ€ Hunter Higgins said.

โ€œThis site presented an unrepeatable development opportunity, especially with market conditions continuing to improve and opportunities like this virtually non-existent.

โ€œBoth the established and new housing markets have seen exceptional demand and increased pricing across Brisbane.

โ€œThis coupled with the site-specific attributes will result in premiums being paid for the end user product,โ€ Hunter Higgins added.

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