Listed developer Sunland Group has acquired the former Australian Broadcasting Corporation site on Coronation Drive in Toowong, 5 kilometres west of the Brisbane CBD, for $20 million.
The 1.5 hectare riverfront site has remained vacant since late 2006 after it was discovered that 18 women who worked at the site between 1994 and 2006 developed breast cancer. The national broadcaster officially opened its new $100 million headquarters in South Brisbane in early 2012.
The Toowong development site is now earmarked for a multi-storey residential development and follows Sunland’s recent pre-launch of Abian (pictured), the group’s first luxury residential tower to be built in the Brisbane CBD.
In a statement to the ASX, Sunland Managing Director Sahba Abedian said the Toowong acquisition will bolster the group’s development pipeline along Australia’s eastern coast, which comprises 3,712 products with a total end value of $1.7 billion.
Construction is expected to commence in 2015 pending Development Approval.
