Brisbane’s last developable piece of riverfront land at 30 Herschel Street Brisbane, the site for the planned Quay residential development.
As reported in The Australian Financial Review, Nielson Properties is selling the site with expectations it could sell for $60 million, with the property delivering a holding net income of $1.72 million per year.
Developer Ross Nielson told The AFR that the sale’s timing was better suited to a long-term investor.
“It’s a development that is not planned for the current cycle, but for the future,” Mr Nielson said.
The Quay apartments feature plans for twin towers and are designed to capitalise on the Queen’s Wharf project which will entail the redevelopment of approximately 10 per cent of Brisbane’s CBD. The scheme of the towers holds a total project value of up to $700 million, but while the sale includes the development plans, approvals for The Quay are yet to be received.
In light of the multi-billion dollar Queens Wharf project, proposed Brisbane Transit Precinct redevelopment, and now, the latest CBD residential project to begin construction – Brisbane Quarter’s $1bn development – it’s clear that residential CBD developments are recognising the importance of a high-quality product to attract a world class audience. This waterfront sale represents a prized opportunity within an up and coming entertainment hub.
Brisbane Transit Precinct’s Redevelopment – which is proposed to include AEG’s $2 billion ‘Brisbane Live’ entertainment precinct as well as Brisbane’s much anticipated Cross River Rail Project – sits just 200 metres from The Quay’s site.
Once complete, these developments will provide an entertainment and lifestyle offering like no other in Australia: The Quay will be the only opportunity to secure a major, super-prime development foothold on the Brisbane CBD’s riverfront ahead of the delivery of these projects.
Combined with its strategic position between the Queen’s Wharf Project and Brisbane Transit Precinct Redevelopment, commanding corner presence, and never-to-be-built-out views, The Quay no doubt represents a rare, premier offering. CBRE’s Peter Court and Mike Walsh, alongside JLL, invite you to submit your Expression of Interest for a 50 to 100 per cent interest in The Quay.
- Street Address: 205 North Quay & 30 Herschel Street, Brisbane
- Site area: 2,961 square metres
- Frontages: North Quay (29.1 metres) Herschel Street (76.1 metres)
- Planning parameters: Brisbane City Plan 2014 PC1 – Principal Centre (City Centre) Zone City Centre Neighbourhood Plan
- Potential holding net income: $1,720,000 p.a.
A 50 to 100 per cent interest in The Quay is For Sale via International Expressions of Interest (EOI) closing 4pm Thursday, 21 July, 2016.