Sunland Group is selling two luxury residential development sites in Brisbane’s prime inner-western suburbs.
Colliers International agents Adam Rubie and Brendan Hogan are managing the sale of “Grace on Coronation”, an absolute riverfront residential and mixed-use site at 600 Coronation Drive, Toowong, and “Kenmore Views,” at 20 Margaret Court, Kenmore—a 3.25ha shovel-ready luxury town-home development site.
The absolute riverfront Toowong site boasts exceptional north-east CBD and river views, with the opportunity to create a world-class residential-led, mixed-use project.
The renowned site allows for a masterplanned project which could accommodate up to five towers, along with extensive community parkland.
The Kenmore site has existing development approval for 96 premium townhomes—a virtually unrepeatable opportunity under new Brisbane City Council planning parameters.
“At present there is very limited supply of new apartments in inner Brisbane, with the inner west representing approximately 4 per cent of future apartment supply across Brisbane’s inner city,” Colliers development sites manager Adam Rubie said.
“Stock is rapidly declining to a point where our research outlines there will be less than five projects above 50 apartments, under construction across the inner city by the end of 2021.
“For this reason, we are anticipating strong interest for both assets, from local, interstate and international developers and investors.”
Colliers International director, development sites, Brendan Hogan, said both sites present unique offerings in Brisbane’s western corridor suburbs.
“In Kenmore, Brisbane City Council planning parameters have effectively ‘banned townhouses’, meaning townhouse sites are becoming increasingly rare and highly sought-after.”
“In Toowong, opportunities of this significant scale—just 3.5km from the CBD—are simply not available in absolute riverfront locations,” Hogan said.
“Demand for premium, owner-occupier product continues unabated in Brisbane and we have witnessed strong demand and increasing price points over the last 24 months.
“Even in the face of Covid-19, both Kenmore and Toowong’s median price points have remained resilient, with Kenmore seeing a 2.4 per cent increase over the period since March.”
Expressions of interest for “Kenmore Views” close 23 September 2020.
Expressions of interest for “Grace on Coronation” close 30 September 2020.
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