Herston residential sale shows strength in Brisbane market

In a deal struck by Colliers, Unison Projects has secured a 2,023sq/m Herston residential development site.

Sold by the Colliers team of James Matley and Adam Rubie, the property at 51-53 Bramston Terrace and 7 Weightman Street in Herston sold for $6,880,000.

Colliers Queensland Executive of Residential Site Sales James Matley said the property was sold unconditionally via a highly competitive on-market Expression of Interest campaign.

โ€œThis is the second property, the Van Lieshout family officeโ€™s, Unison Projects has purchased in the Herston precinct in the last few years,โ€ James Matley said.

โ€œThis not only demonstrates the strength of the Brisbane market but is testament to the strength of the growing demand for development sites in the Herston area given significant incoming projects like the Victoria Park and Herston Quarter redevelopments.

โ€œThe campaign for the property was highly successful, receiving 10 offers at the close of the process, highlighting the level of interest for premium, rare boutique development opportunities,โ€ Mr Matley said.

Shannon Down of Unison Projects said there was limited zoned land in Herston able to be secured for development.

โ€œWith Herston only a small suburb located 2km from the Brisbane CBD, we recognised the unique opportunity presented to secure, a rare, over 2000sqm corner site that has Council planning support for apartments,โ€ Shannon down said.

โ€œHerston has more recently been devoid of good quality new apartments, this site is the second holding Unison has secured, and represents a unique opportunity to design and deliver a landscape rich high-quality apartment project designed by Ellivo Architects and WILDStudios.

โ€œWe foresee a high level of interest from purchasers who seek large liveable apartments within boutique scale projects that have a high level of local amenity.

This project is within walking distance of lifestyle centres such as King Street and James Street and vast open space networks, while also being in very close proximity to public transport offerings such as the Inner Northern Busway and Brisbane Metro, due to be completed and operational this year.

โ€œWe are looking forward to the opportunity to deliver 22 high quality, 4 bedroom terrace homes, at our Fleming Road site this year before embarking on the apartment project on this site,โ€ Shannon Down said.

Colliers Queensland Director of Development Sites Adam Rubie said this site presented an excellent opportunity for interested parties to deliver a high-end project.

โ€œWe are confident that Unison Projects will be able to take full advantage of the location and potential of the site,โ€ Adam Rubie said.

โ€œDuring the campaign, well-known property developers were not only attracted to the underlying planning opportunity, but the site sits on one of the highest north facing ridges in Herston.

โ€œIt immediately adjoins the Royal Brisbane and Womenโ€™s Hospital and $1.1 billion Herston Quarter Redevelopment. It also neighbours the 1938 built and now heritage listed Dental Hospital and College and is about 400 metres from the master planned 45Ha $83 million Victoria Park redevelopment project, due to commence in the coming years.

โ€œIn addition, this site is also close to the community centric Brisbane Showgrounds redevelopment and lifestyle destination incorporating wellness, retail and cultural spaces,โ€ Adam Rubie added.

James Matley said via the campaign it became apparent that Herston was not a well-known suburb yet, providing a lot of opportunity.

โ€œIn addition to its proximity to Brisbaneโ€™s CBD, it has some of the best property fundamentals and attributes available including a community feel coupled with vast open space networks both north along Enoggera Creek, Ballymore and Downey Park and Victoria Park to the south,โ€ James Matley said.

โ€œHerston has superior accessibility to major road networks north, south, east and west with the Inner City Bypass, Clem7, Airport Link and Legacy Way motorways on its eastern edge.

โ€œUnderstandably there is good reason for properties in Herston to be tightly held and why Unison Projects has recently invested so heavily in the area,โ€ James Matley added.

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