A prime site in the heart of Brisbane’s Gasworks precinct has sold off-market to a private investor for $22 million, setting a new record land rate for Newstead at $14,569 per sqm.
The buyer plans to develop and retain the 1,510 sqm site, which is code assessable for a 10-storey building. Once completed, the project will add a new landmark to one of Brisbane’s most vibrant urban lifestyle and wellness precincts.
Located at 9 Longland Street directly opposite the Total Fusion facility and Gasworks, and just a five-minute walk to James Street, the property occupies a prime position in Brisbane’s inner-north hub. This highly sought-after area is known for its connectivity, amenity, and strong demand profile.
The sale was managed by Mike Walsh and Peter Court of MP Commercial, together with Tim Jones of Chesters Real Estate. The agents worked closely with the buyer over a three-month period to proactively identify suitable sites across Newstead, New Farm, and Teneriffe to meet the unique investment brief.
Mike Walsh, Partner at MP Commercial, said, “The buyer had a definitive mandate to pursue a project intended as a generational hold and had highly prescriptive location criteria. Finding a site that met the requirement took persistence and lateral thinking, but once we gained traction with the owners, the buyer moved quickly on a cash contract and 14-day settlement.”
Tim Jones, Director at Chesters Real Estate, said: “The level of activity we’re seeing across Brisbane’s near-city markets, particularly in the inner north, is unlike anything in recent memory. Developers are moving quickly to secure sites as apartment revenues surge, planning outcomes become more flexible, and the Olympic clock continues to tick down.”
Mr Walsh added, “In Newstead, demand is far outstripping supply, sending land rates surging from $8,000 to over $14,000 per sqm and beyond for the right sites over the course of 2025. That’s set a new pricing benchmark, but even when faced with strong offers, landlords also see the growth potential and are reluctant to sell, keeping opportunities scarce.”
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