- 15,000 sqm land to go for $43.5 million total
- Land to be split in two, Consolidated Properties Group taking a majority share
Sunland Group (ASX: SDG) announced the sale of prime Brisbane land to the market this morning.
The company, famous for creating iconic Queensland properties like Palazzo Versace and Q1, announced the temporary pause in trading at 9:34 am, shortly followed by news of a sale.
Brisbane’s property market is “hot”, both commercial and residential seeing massive booms. The Property Tribune recently reported a warehouse on the outskirts of Brisbane left the owners in an off-market sale for $6 million, Irongate took over a commercial property worth $25M half an hour away from Brisbane’s CBD, and Brisbane’s West End seeing many more apartment buildings going up as well.
The sunshine state can also expect to see continued growth with the likely and imminent announcement of the 2032 Olympic host city, The Property Tribune delved further into the commercial and residential impacts the games could have on the city and state.
Across the river from the blue-chip suburb of West End, the site announced for conditional sale is 600 Coronation Drive, Toowong, just 400 metres away from the Toowong train station.
Sunland said the 15,000 square metre site was previously known as “Grace on Coronation”, with a total consideration of $43.5 million.
At present, the contract has “been arranged by Brisbane based developer Consolidated Properties Group (CPG). The sale involves two separate contracts, both conditional upon the reconfiguration and subdivision of the land.”
Consolidated Properties Group is not purchasing the entirety of the site, only $35.5 million, with the “balance of the land comprising 2,346sqm is being acquired for $8.0 million by interests other than CPG for their own personal use and is scheduled to settle in August 2021”.
It is expected to fetch around $4.3 million in net profit after tax for Sunland Group.