One of the last development sites in Brisbane’s inner-city suburb of Milton up for sale

A property believed to be one of the last development sites in Brisbane’s inner- city suburb of Milton is up for sale.

Situated on the corner of Cribb Street and Railway Terrace, the asset consists of five adjoining properties with a total of 2,136sq m of prime development land.

Currently home to a three-level commercial office building, two small sheds and hardstand car parking with a total net lettable area of 853sq m, the property is owned and occupied by Australia’s leading music entertainment technology company, Nightlife Music.

It is being taken to the market via an Expressions of Interest campaign run by Christian Sandstrom of Knight Frank and Simon Wheelans of Place West.

Mr Sandstrom commented on the unique offering of 50 Cribb and its attractiveness to potential buyers.

“We anticipate significant interest will be generated throughout the sales campaign from buyers including owner occupiers, value-add investors and developers looking to take advantage of the site’s strategic location,” he said.

“The property is less than two kilometres from the Brisbane CBD and within a five-minute walk of the Park Road retail precinct, Suncorp Stadium and Milton Train Station.

“While there are multiple options for an incoming buyer, the significant future development potential will be a drawcard, with the Mixed-Use Inner City zoning allowing a building of up to 20 storeys and the opportunity to capture enviable Brisbane CBD and river views as part of this unique offering.

“We believe this is one of the last remaining development sites in Milton, which has already experienced significant gentrification over many years.”

New developments in the immediate vicinity include The Manning by Mosaic at 33 Railway Terrace, comprising 113 apartments over 20 levels, as well as Kokoda’s The Ambrose and Ruby Ruby projects, which are aimed at a mix of owner occupiers and high-end investors.

Other planned projects include a 20-storey residential tower at 29-35 Manning Street consisting of 131 apartments and the Milton Village Precinct Project, which is a 21-level approved building aimed at enhancing amenity and connections. A site across the road from 50 Cribb Street is proposed for a dining and leisure precinct with a micro-brewery and garden terrace.

Mr Wheelans said the precinct surrounding 50 Cribb Street accommodated primarily residential uses, as well as some retail and commercial, in a high-density environment.

“Given the current critical shortage of supply in residential accommodation within the inner Brisbane suburbs we feel this prominent corner site in the heart of Milton would be suitable for a residential development,” he said.

“This could entail a traditional build-to-sell, build-to-rent, co-living or student accommodation project, as well as serviced apartments.

“We are seeing strong demand from developers in the current market for well-located residential development sites and 50 Cribb Street ticks all the boxes on this front.”

The Expressions of Interest campaign for the property will close at 4 PM (AEST) on Wednesday, April 30.

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