LUXURY developer Sunland Group has purchased a Toowong heritage property adjoining its proposed apartment project on the former ABC site.
Records from CoreLogic RP Data show Sunland purchased 20 Archer St for $3.25 million.
Colliers marketing agent Adam Rubie said the riverfront property had attracted about five offers, all from developers, after a six-week expressions-of-interest campaign.
“A lot of groups saw it as quite a good property to develop considering the heritage nature of the site,” he said.
The 997sq m, triangular-shaped block has existing development approval for a premium boutique apartment project, retaining the 1930s residence.
In confirming the acquisition, Sunland managing director Sahba Abedian said the group saw the property as a strategic opportunity to expand its riverfront land holding in Toowong.
Mr Abedian said the proposed Grace on Coronation project on the ABC site was approved by Brisbane City Council in June 2015, and remained before the Planning and Environment Court following an objection from a neighbouring property.
“Accordingly, plans for both sites remain on hold pending an outcome,” Mr Abedian said.
Brisbane City Council regards the Archer St house of local heritage significance as one of the few Brisbane examples of an American Cape Cod design.
Archer St development application documents, prepared by property consulting firm Urbis, show the house was designed by leading Brisbane architect Richard Gailey junior and built for Toowong resident, Maude Smith.
Gailey, who followed his father into business, was a prominent Brisbane architect during the interwar period.
His work included the Brisbane Arcade in Queen St and the Industrial Pavilion at the RNA Showgrounds.
According to a Brisbane City Council heritage citation, the Archer St house was named St Briavels, possibly after a village in Gloucestershire, England.
The current development application shows the house would be moved to the front of the block, making way for a nine-level apartment building, including two basement levels, facing the river.
The existing plans show one apartment per floor, with a two-storey penthouse on the top.
Originally Published On: http://www.couriermail.com.au/