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Developer Skyhold is gearing up to break ground on its $150-million Brisbane project after the purchase of the Balmoral site settled.
Planned for the 23,265sq m site, comprising two lots with frontage to Lytton Road, as well as Bolon and Andrew streets, are four medium-density buildings with a total gross floor area of 24,645 square metres.
The site at 91 Lytton Road contains the former Brisbane headquarters of the fundamentalist Plymouth Brethren Christian Church, formerly known as the Exclusive Brethren, which is surrounded by carpark.
It was sold to Skyhold for $27.5 million, representing an englobo land rate of $1182 a square metre, in a deal negotiated by Knight Frank about three years ago.
Plans for the site were approved by the Brisbane City Council in February and comprise 14 two and three-storey townhouses fronting Lytton Road, and 167 apartments across three buildings at the rear of the site.
The Fender Katsalidis-designed project occupies about a third of the site with an an existing conservation zone retained on the remainder. The site also includes a former quarry.
Skyhold filed the plans with the council in May of last year.
Knight Franks’ Blake Goddard, who negotiated the sale along with Matt Barker, said the site was within “one of Brisbane’s most popular and prestigious residential locations”.
“A residential development on the site will benefit from the strong demand to live in the area and the high surrounding residential home price—according to Realestate.com.au the median house price is currently $1.85 million,” Goddard said.
At the time the plans were filed, Skyhold managing director Zhen Chen said the development would provide different housing typologies to cater to young families, professionals, downsizers and retirees.
“Our focus has been delivering much-needed housing in a leafy, green environment in a way that does justice to a 2ha site only 5km from the CBD,” Chen said.
