A development site has gone up for sale in Brisbane’s Kurilpa precinct, which will help to transform the 25-hectare site into a world-class riverfront destination.
The space is situated on two development sites, 600 metres from the CBD. The Hope Street site is an 8,050 square metre space and is being offered as a whole site, or in two parcels.
The Montague Road site is 17,010 square metres and is being sold as four individual sites or in one line.
The location of the properties’ allows developers to use it to their advantage, being in close proximity to the Brisbane Exhibition and Convention Centre, Cultural Centre Precinct, South Bank Dining Precinct and West End Café and Restaurant Precinct.
Knight Frank’s senior director, institutional sales, Justin Bond said that the offering shows development potential and is largely supported by the local and state Government.
The current town planning provisions allow for 30 storey developments, but there is the potential for 40 storeys on some sites under the Kurilpa Riverfront Renewal Draft Master Plan.
“Initial feasibilities suggest the potential of approximately 2,000 residential apartments plus retail and commercial offerings across the available sites,” Mr Bond said.
“An astute developer may be able to produce higher yielding developments, subject to council approval.”
The Parmalat Australia sites are for sale through expressions of interest, closing on Thursday, 4 December.