International Developer Secures Buranda Site For $51.3m

A Singaporean exchanged listed company have purchased Anthony John Group’s 1.7-hectare transit-oriented Buranda, Queensland site for $51.3 million.

The deal, finalised in late December 2014, marks

Wee Hur Holdings Ltd first foray into property development in Australia, with the Group planning to spearhead the approved high-rise mixed-use development comprising residential, retail and office.

CBRE’s Flint Davidson and Mike Walsh assisted Anthony John Group with the Buranda sale.

Anthony John Group CEO Shane Bulloch said Buranda’s strategic location, at the heart of major transport arterials, combined with Brisbane’s population and economic growth potential, drove strong interest from local and offshore investors.

Mr Bulloch said the deal was significant in terms of its size and complexity, but also as a reflection of the value transit-oriented and urban renewal projects continue to hold in the market.

Mr Goh Yeow Lian, Executive Chairman of Wee Hur, confirmed such sentiment, saying, “We are excited for this opportunity to build an iconic development in a new market.

“As much as it is a new environment for us, we are optimistic of this project in view of the good location of the acquired land which is just beside a transit station and the growth potential of Brisbane city in both population and economy.”

This is the second offshore investor that has chosen an Anthony John Group project for their maiden venture into the Australian property market.

In April 2014, German property giant Union Investment Real Estate purchased Flight Centre’s new global headquarters at Southpoint for $200 million, the deal was Brisbane’s largest office transaction for the year.

“We are very proud to have shone an international spotlight on Brisbane and introduce two such significant investors,"Mr Bulloch said.

“It is not only a testament to the attractiveness of Brisbane in the global real estate market, but to the strength of our vision for both projects.”