_Indooroopilly commercial property sold to developer
- A 974 sqm site occupied by a three-level office building in the heart of Indooroopilly at 34 Station Road has sold for $6.3m
- Keylin Group purchased the property from an interstate private investor, who had held the property for 20 years
- The property will form part of a mixed-use development proposed for an amalgamated site totalling 6,359 sqm in Indooroopilly, following other recent acquisitions by Keylin Group
- The sale of all the properties now purchased by Keylin, totalling $24.9 million, were negotiated by Christian Sandstrom and Blake Goddard of Knight Frank
Brisbane, Australia – A COMMERCIAL property with development potential in Brisbane’s inner-city suburb of Indooroopilly has been sold to a developer for $6.3 million.
Keylin Group has purchased the property at 34 Station Road, which consists of a 974 sqm site occupied by a three-level office building, in an off-market deal negotiated by Christian Sandstrom and Blake Goddard of Knight Frank in conjunction with local managing agent Drakos Realty.
The purchase follows Keylin Group’s recent acquisition of five separate properties surrounding the property at 34 Station Road in Indooroopilly – known as the Indooroopilly Amalgamation - for $18.6 million, also negotiated by Knight Frank.
These properties – at 11 Riverview Terrace, 12 Foxton Street, and 30, 40 and 44 Station Road – along with the site at 34 Station Road total 6,359sq m.
Keylin Group intends to build a mixed-use development on the amalgamated site, with the purchase of the sites now totalling $24.9 million.
The proposed development would incorporate residential, commercial and ground floor dining, with a build-to-rent portion for the residences.
Mr Sandstrom said the property at 34 Station Road had been owned by an interstate private investor for 20 years and was a strategic acquisition for Keylin.
“This purchase provides Keylin with medium-term income, as the property is fully leased, while planning the development of the wider amalgamated site,” he said.
“Being a strategically-placed site right in between the other purchased properties, it will give Keylin a greater developable site area and affords the ability to stage the development of the proposed mixed-use project.”
The site is in a prime location, just seven kilometres west of the Brisbane CBD and situated within 100 metres of key transport infrastructure, including the Indooroopilly Train Station and Indooroopilly Shopping Centre.
Mr Goddard said there continues to be a high demand for sites in quality locations where developers can continue to take advantage of the owner occupier market.
“The inner western corridor has been a strong performer in this space in recent years with homeowners looking to downsize,” he said.
“The major attraction of this site was its great view aspects as well as strong surrounding amenity.”
For further information, please contact:
Vanessa De Groot – Marketing & Communications, Knight Frank
Vanessa.degroot@au.knightfrank.com +61 410 460211
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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.