Large development site in Woolloongabba hits the market

A large development site in the heart of the Woolloongabba Olympic precinct is up for sale, with price expectations in excess of $45 million.

The 1.28 hectare rectangular shaped development site at 73 Ipswich Road in Woolloongabba will be taken to the market via an Expressions of Interest campaign.

The campaign will be run by Knight Frank agents Blake Goddard, Christian Sandstrom and Matt Barker in conjunction with Nathan Moore of Ray White Commercial Bayside on behalf of the vendor, a local private.

The property is largely cleared with a sealed yard of large handstand suitable for outdoor display or building expansion, but is still occupied by three buildings totalling 3,531sq m of net lettable area.

The site has three street frontages, to Ipswich Road and Henry Street and offers multiple development outcomes including residential, commercial, medical and hotel, subject to council approval.

Mr Goddard said the property was one of the largest privately owned infill sites within a two-kilometre radius of the Brisbane CBD, and was expected to be hotly contested by buyers.

β€œWe expect a wide range of developers to be interested in this site, including residential, commercial, mixed-use and build-to-rent developers, due to its flexible zoning allowances,” he said.

β€œIt is one of the largest privately-owned properties situated in the heart of the Woolloongabba Olympic precinct, close to the Cross River Rail and the redevelopment of β€˜the Gabba’ stadium, and one of the most significant development opportunities to have hit the market in the last few years.

β€œQuality development sites are sought after in the current market, but this site will be even more attractive to a wide range of buyers due to the rarity of size and location.

β€œThe Gabba stadium and surrounding precinct is set to undergo major transformation in the coming years with over $1 billion allocated to the precinct.”

Mr Moore said the property benefitted from its three-street frontage, easy access to major arterial roads including Ipswich Road and the M1 Pacific Motorway, and the fact that a majority of it was undeveloped.

β€œThe property is set to benefit from its prime location underpinned by exceptional future development opportunities in the area surrounding the 2032 Olympics,” he said.

β€œThe three-street frontage site enjoys a strategic location within Woolloongabba, offering unrivalled amenity along with extensive surrounding transport infrastructure and development.

β€œThe site is surrounded by a plethora of amenity including The Gabba, the Logan Road dining precinct and the Cross River Rail station upon completion.”

The Expressions of Interest campaign for the property will close at 4pm on Thursday, June 9.

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