_Large development site in Woolloongabba hits the market

• A 1.28-hectare development site at 73 Ipswich Road in the heart of the Woolloongabba Olympic precinct is up for sale
• The property will be taken to the market via an Expressions of Interest campaign run by Knight Frank and Ray White Commercial Bayside
• Price expectations are in excess of $45 million
• The site, which is predominantly cleared, offers multiple development outcomes including residential, commercial, medical and hotel, subject to council approval

Brisbane, Australia – A LARGE development site in the heart of the Woolloongabba Olympic precinct is up for sale, with price expectations in excess of $45 million. 

The 1.28 hectare rectangular shaped development site at 73 Ipswich Road in Woolloongabba will be taken to the market via an Expressions of Interest campaign.

The campaign will be run by Knight Frank agents Blake Goddard, Christian Sandstrom and Matt Barker in conjunction with Nathan Moore of Ray White Commercial Bayside on behalf of the vendor, a local private.

The property is largely cleared with a sealed yard of large handstand suitable for outdoor display or building expansion, but is still occupied by three buildings totalling 3,531 sqm of net lettable area.

The site has three street frontages, to Ipswich Road and Henry Street and offers multiple development outcomes including residential, commercial, medical and hotel, subject to council approval.

Mr Goddard said the property was one of the largest privately owned infill sites within a two-kilometre radius of the Brisbane CBD, and was expected to be hotly contested by buyers.

“We expect a wide range of developers to be interested in this site, including residential, commercial, mixed-use and build-to-rent developers, due to its flexible zoning allowances,” he said.

“It is one of the largest privately-owned properties situated in the heart of the Woolloongabba Olympic precinct, close to the Cross River Rail and the redevelopment of ‘the Gabba’ stadium, and one of the most significant development opportunities to have hit the market in the last few years.

“Quality development sites are sought after in the current market, but this site will be even more attractive to a wide range of buyers due to the rarity of size and location.

“The Gabba stadium and surrounding precinct is set to undergo major transformation in the coming years with over $1 billion allocated to the precinct.”

Mr Moore said the property benefitted from its three-street frontage, easy access to major arterial roads including Ipswich Road and the M1 Pacific Motorway, and the fact that a majority of it was undeveloped.

“The property is set to benefit from its prime location underpinned by exceptional future development opportunities in the area surrounding the 2032 Olympics,” he said.

“The three-street frontage site enjoys a strategic location within Woolloongabba, offering unrivalled amenity along with extensive surrounding transport infrastructure and development.

“The site is surrounded by a plethora of amenity including The Gabba, the Logan Road dining precinct and the Cross River Rail station upon completion.”

The Expressions of Interest campaign for the property will close at 4pm on Thursday, June 9.

For further information, please contact:

Blake Goddard – Associate Director, Investment Sales, Knight Frank
Blake.goddard@au.knightfrank.com +61 407 604 307

Vanessa De Groot – Marketing & Communications, Knight Frank
Vanessa.degroot@au.knightfrank.com +61 410 460211

Ends
Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 16,000 people operating from 384 offices across 51 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the firm, please visit knightfrank.com.