Keylin Group has purchased the property at 34 Station Road, which consists of a 974sq m site occupied by a three-level office building, in an off-market deal negotiated by Christian Sandstrom and Blake Goddard of Knight Frank in conjunction with local managing agent Drakos Realty.
The purchase follows Keylin Group’s recent acquisition of five separate properties surrounding the property at 34 Station Road in Indooroopilly – known as the Indooroopilly Amalgamation – for $18.6 million, also negotiated by Knight Frank.
These properties – at 11 Riverview Terrace, 12 Foxton Street, and 30, 40 and 44 Station Road – along with the site at 34 Station Road total 6,359sq m.
Keylin Group intends to build a mixed-use development on the amalgamated site, with the purchase of the sites now totalling $24.9 million.
The proposed development would incorporate residential, commercial and ground floor dining, with a build-to-rent portion for the residences.
Mr Sandstrom said the property at 34 Station Road had been owned by an interstate private investor for 20 years and was a strategic acquisition for Keylin.
“This purchase provides Keylin with medium-term income, as the property is fully leased, while planning the development of the wider amalgamated site,” he said.
“Being a strategically-placed site right in between the other purchased properties, it will give Keylin a greater developable site area and affords the ability to stage the development of the proposed mixed- use project.”
The site is in a prime location, just seven kilometres west of the Brisbane CBD and situated within 100 metres of key transport infrastructure, including the Indooroopilly Train Station and Indooroopilly Shopping Centre.
Mr Goddard said there continues to be a high demand for sites in quality locations where developers can continue to take advantage of the owner occupier market.
“The inner western corridor has been a strong performer in this space in recent years with homeowners looking to downsize,” he said.
“The major attraction of this site was its great view aspects as well as strong surrounding amenity.”