The new Toowong Town Centre proposed for the recently acquired site. Image: Supplied.
  • The site is on the corner of High Street and Sherwood Road.
  • Purchaser intends to undertake JV with adjoining owner to develop a new town centre.
  • The proposed $1B project will include retail, office, and residential.

A Brisbane-based investment company has acquired a 9,000 square metre (sqm) development site on the corner of Sherwood Road and High Street, also known as Aviary Toowong.

The site was purchased from Ray White Capital (RW Capital) and State Development Corporation in a $53 million deal.

A new $1 billion town centre may be developed, with the purchaser intending to undertake a joint venture with the adjoining owner at 80-88 Jephson Street. The development will see new retail, office, and residential development over a total of 1.3 hectares of land.

“We are delighted that the purchaser will look to develop the property,” said MD of State Development Corporation, Ross McKinnon.

“Since launching the development in 2020, we have received overwhelming support from council, local residents, and retail tenants, and we have no doubt that once built, the project will provide fantastic amenity to the Toowong community.”

The deal was negotiated by Christian Sandstrom, of Knight Frank. Sandstrom also originally sold the site to State Development Corporation and introduced the new purchaser in the current sale.

Sandstrom said he had been working with the purchaser for an extended period in transacting the deal.

“This property is in a prime site in the heart of Toowong, and will follow other recent developments including the Monarch development on the old ABC site and Mosaic developments on Sylvan Road and Archer Street.”

The sale was completed in conjunction with Ian Heatherington from Ray White.

Much needed supply

Any incoming residential stock will be warmly welcomed, with rental supply in Toowong at significant lows; the latest rental supply peak was barely above the lowest troughs recorded in 2011 and 2012, according to SQM Research data. The vacancy rate is currently 1.3%.

Weekly rent listings for 4066, including Toowong

Properties available for sale in the suburb are also subdued, with the latest SQM data showing a total of 116 listings.

Total property listings for 4066, including Toowong

According to Domain data, the median three-bedroom house price for the suburb is under $1.2 million, and spent an average of 54 days on market.

Other developments in the suburb include Monarch Residences, a $450 million project that is being constructed by Hutchinson Builders, and delivered by Consolidated Properties Group, in conjunction with funding partner Qualitas.

Consolidated Properties Group purchased the Monarch site at 600 Coronation Drive for $43.5 million from Sunland in March 2021. The development application was filed in November 2021 and approved in July last year.

You May Also Like

Nearmap makes major acquisition announcement

The company announced the agreement to acquire property intelligence and risk management platform, Betterview.

Mid-week ASX property wrap: 6 December 2023

The market closed up today, gaining 116.80 points to finish at 7,178.40.

Are modular houses the future? Here are the top 8 benefits for Australian home buyers

Advantages of modular homes include construction efficiency, quality control, sustainability, structural integrity, and cost-effectiveness.

Australian shopping malls take home prestigious international awards

Several Australian projects took home awards across various categories.

Experts Corner by The Property Tribune

Ko & NPA partner to launch several co-owned luxury properties at Mermaid Beach, Gold Coast

Ko's partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties

Continue reading

Top Articles

Expert tips on how to be a successful property investor

Property expert and buyer's agent, Lloyd Edge, shares his insights.

Australian commercial property update: Industrial and tourism assets lead the pack in trying times

Commercial assets have faced volatility recently, driven by financing changes and demand fluctuations from institutions and funds.

WA has emerged as a property investment hub, and why that's a good thing

Eastern investors chase Perth's affordability, doubling the distance between home and investment in 2023, reveals MCG research.