- The site is located in the heart of the Wooloongabba Olympic Precinct
- Knight Frank and Ray White will be running the sales campaign
- One of the largest privately owned infill sites near Brisbane CBD
A large development site in the Wooloongabba Olympic precinct has been listed for sale, and is expected to fetch over $45 million.
The site at 73 Ipswich Road is rectangular shaped, and 1.28 hectares.
Knight Frank’s Blake Goddard, Christian Sandstrom, and Matt Barker, with Ray White Commercial Baysides’s Nathan Moore, will be running the campaign on behalf of the local private vendor.
Currently, the property is mostly cleared with a sealed yard of large handstand suitable for outdoor display or building expansion. It is still occupied by three buildings totalling 3,531 sqm of net lettable area.
The site has multiple development outcomes including commercial, residential, medical and hotel – subject to final council approval.
Mr Goddard noted it is one of the largest privately-owned infill sites within a two-kilometre radius of Brisbane’s CBD. Not surprisingly, the sales team expect it to be hotley contested.
“We 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.
“It 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 ‘the Gabba’ stadium, and one of the most significant development opportunities to have hit the market in the last few years.
Blake Goddard, Knight Frank
“Quality 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.
“The 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 added the site also benefits from the three-street frontage, easy access to major arterial roads such as Ipswich Road and the M1 Pacific Motorway, along with the fact it is mostly undeveloped.
“The property is set to benefit from its prime location underpinned by exceptional future development opportunities in the area surrounding the 2032 Olympics,” he said.
Expressions of interest will close on Thursday, 9 June.
