A substantial blue-chip block of land in inner-city Brisbane has hit the block for the first time in 60 years.

The Alex Gow Funerals property is a 5272sq m mixed-use development site at 56 Breakfast Creek Road, Newstead.

Savills national director Peter Tyson said the site was a “high-profile gateway location” to the city in Brisbane’s affluent inner-north.

“The Newstead—Teneriffe—Fortitude Valley axis has arguably become the most desirable development destination in inner Brisbane and is within walking distance to the Gasworks retail and restaurant precinct,” he said.

“Sites of this scale with wide-ranging mixed-use potential in such prime locations are increasingly rare and this site will be seen as a trophy opportunity by residential and commercial developers alike.”

Savills director of commercial sales in Brisbane Robert Dunne said the site occupied a commanding position on the corner of Breakfast Creek Road and Dunlop Street with “enormous exposure” to passing traffic.

He said the site was close to public transport and offered a high level of amenity for future development projects.

“Newstead has an industrial-chic vibe featuring stylish bistros, dates and craft breweries including other landmark precincts such as James Street and Brisbane’s new Mercedes headquarters,” Dunne said.

Breakfast Creek is undergoing substantial urban renewal of the former industrial hub. Churchill Developments recently lodging an application to develop an eight-storey mixed use building further down the road.

It is understood Alex Gow Funerals, Queensland’s first funeral business, bought the site and moved there in November, 1963.

The “ultra-prime” site offers building potential for residential apartments, retirement and aged care, education and health care, commercial and retail development.

Savills will market the site via an expressions of interest campaign that will close on July 15.