Valley Buy Cements Goldfields’ Queensland Move

Melbourne-based developer Goldfields has cemented its move into the south-east Queensland market with another acquisition in the inner-city.

Goldfields has acquired from Azure Development Group a 2002sq m development site at 88 Robertson Street, near the James Street precinct in Fortitude Valley and its Queensland office. 

The site last sold in 2022 for $13.6 million. The latest sale price is undisclosed, but thought to be north of $16 million. 

Goldfields chief executive Lachlan Thompson said it was a vote of confidence in the south-east Queensland property market.

“Even in a challenging market, we knew we had to jump at a development opportunity in Fortitude Valley,” Thompson said. 

“While we are finalising our plans for the site, a priority will be further improving the neighbourhood amenity and sustainability through investment in the local streetscape, landscaping, deep planting of street trees, EV charging stations and exciting hospitality spaces.”

▲ The developer’s office project at South Yarra, Goldfields House.

Goldfields developed the mixed-use commercial tower, Goldfields House, at Melbourne’s South Yarra.

But the south-east Queensland market has proved a tougher nut to crack for the diversified developer. 

Its 33 Manning Street project sits in purgatory due to a serious challenge in finding a builder for the 18-storey 131-apartment project proposed for Milton. 

Despite winning approval for the project, the developer was forced to hand back deposits on apartments sold.

At the time Thompson cited challenging market conditions making the project unfeasible. 

The sale of 88 Robertson Street was negotiated by JLL’s Tim Jones and Harry Borger.