Fortitude Valley Development Site Sells For $8.9 million

A high profile Fortitude Valley development site at 458 Brunswick Street has settled for $8.9 million.

The sale resulted in a 37% profit for the vendor, Dunmore Group, which purchased the site in an off-market transaction just 22 months earlier.

The sale was negotiated by JLL’s Sam Byrne & Seb Turnbull and CBRE’s Darren Collins & Michael Platsis, attracting more than 60 enquiries.

Once a Blockbuster video store, the now 1,826sqm vacant land site is situated less than 1km from the Brisbane CBD, with close access to the many restaurants, bars and boutiques on both Brunswick Street and nearby James Street.

Mr Byrne said the position – in the heart of Brisbane’s burgeoning lifestyle scene of on-trend bars, restaurants and fashion labels, ensured it was of significant interest to developers seeking inner-city sites.

“We received over 60 enquiries, with eight formal offers received by the end of the Expression of Interest campaign,” said Mr Byrne.

“The ideal location between Fortitude Valley and New Farm, along with the site’s proposed project size of around 100 apartments being considered in the ‘sweet spot’, translated in the successful purchaser, Pointcorp Development, securing the site on unconditional terms."Mr Collins said: “Pointcorp Development intends to add this ideally located site to their existing pipeline of outstanding developments and undertake a high quality development project on the Brunswick Street site; further demonstrating their confidence in the Brisbane market”.