Toowong Apartment Blocks Sold for $8.5 Million

TWO neighbouring apartment blocks at Toowong have been sold for more than $8.5 million.

The properties at 24 and 25 Augustus St, which span a total land area of 2116 sqm were sold off market to Golden State Developments.

A DA has been lodged for an eight level apartment block on the site including 91 apartments with rooftop amenity.

CBRE’s Callum Short and Lachlan Tully negotiated the deal between Golden State and the six owners of the 15 units in the Toowong apartment blocks.

The price represents $4,017 sqm and $93,407 per unapproved unit, according to CBRE Asia Pacific negotiator Callum Short.

The acquisition is one of the biggest Brisbane investments by Golden State, which is a Brisbane-based boutique residential developer which has this year also acquired sites in Fortitude Valley and South Brisbane.