The privately owned development group, State Development Corporation (SDC) has flipped part of a site in Toowong for $25.15m.
The Group acquired the site from Stockland in March 2019, along with the adjoining Aviary apartment development site for approx $40m.
The property comprises 6,441 sqm of lettable area and 136 parking spaces on an expansive 4,118 sqm site. The site benefits from future strategic development potential up to 20 storeys.
The site was acquired by a local investor following an on market campaign by Knight Frank.
The property has is 89% occupied with a WALE of 1.89 yrs and a fully leased net income of $2,424,000. The transaction reflects a passing yield of 8.1% and a fully let passing yield of 8.5%.
SDC in conjunction with White & Partners Sydney – the private investment arm of the White family, founders of real estate agents Ray White – will continue to progress with the development of the Aviary project which is a $450 million mixed-use development, featuring a shopping centre with a fresh food component, a dedicated entertainment based food and beverage precinct, cinemas, residential apartments and a hotel, along with a gym and health care facility, childcare and a commercial office tower.
Artist Impression of the adjoining Aviary Development 
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