A consortium backed by Brisbane developer Consolidated Properties Group has scooped up the former Toowong ABC site in a $43.5-million deal inked on Wednesday afternoon that was months in the making.
Gold Coast developer Sunland sold the 1.5-ha riverfront site at 600 Coronation Drive, which allows for up to 15-storey developments.
Brisbane-based Consolidated Properties chief operating officer James MacGinley said plans for the Brisbane waterfront site included two to three residential buildings and publicly accessible waterfront open space.
“The plans also allow for the widening of Coronation Drive and cycle paths through the site, linking the Bicentennial Bikeway to St Lucia,” MacGinley said.
“The Brisbane City Council is currently conducting public consultation to determine the landing location of the proposed Green Bridge connecting Toowong to West End. We would welcome the bridge on our site and await the council’s decision.
“We’re thrilled to have acquired the landmark site and look forward to transforming it into luxury, riverfront apartments over the coming years.”
Sunland listed the Toowong site, 3.5km from the CBD, in August last year, after purchasing it in 2013 for $20 million.
The Gold Coast developer had $600-million plans for a three-tower Zaha Hadid-designed development that didn’t eventuate, overturned by the Supreme Court in 2018.
Colliers International agents Adam Rubie and Brendan Hogan managed the sales campaign of the waterfront site.
Last October, Sunland announced it would wind down its business operations over the next three-to-five years, as it sells off assets to pay down debts.
Sunland, the developer behind Gold Coast projects Palazzo Versace and Q1, said it would sell off 30 per cent of its undeveloped inventory that is either currently not under development or pending development approval for intended schemes.
Prior to Sunland’s ownership, the site was ABC’s headquarters until December 2006. It is zoned residential and mixed-use.
The Queensland government had been under pressure to buy back the prime 600 Coronation Drive land parcel in a joint purchase with the Brisbane City Council.
Article Source: theurbandeveloper.com