75-85 Cleveland Street Stones Corner was sold by DAKL Group, a prominent Brisbane-based property development and investment firm led by Director Kieran Gartshore, whose family has made significant strategic plays in the Brisbane residential development site market.
The transaction was brokered by Tom Barr, Managing Director of RWC Queensland.
The sale price reflects a Site Rate of $6,022/sqm land and a Unit Site Rate of $102,473/unit.
The site is zoned High Density Residential (HDR1) and has an existing development approval for 226 apartments across two 12-storey towers.
RWC Queensland Managing Director Tom Barr negotiated the off-market deal, who said the speed of the transaction reflects the urgent demand for shovel-ready land among developers with internal construction capabilities.
"Gardner Vaughan Group was actively in the market looking to secure another site to shore up both their project and construction pipelines," Mr Barr said.
"We were discussing several site opportunities with them and mentioned this site was potentially coming to market and they did not hesitate to make an offer, resulting in an off-market deal being agreed before the property went to market."
The acquisition by the award-winning, family-owned Gardner Vaughan Group, led by father-son duo Guy Gardner and Sam Gardner, highlights a growing trend in the structural makeup of the active development sites across the Brisbane apartment market.
"Due to ongoing construction delivery challenges, the “builder-developers” are without doubt the most active and aggressive buyers of residential apartment sites in the Brisbane market currently. And this sale to Gardner Vaughan Group reinforces that fact," Mr Barr said.
The site is located just 3 kilometres from the Brisbane CBD and just one kilometre from one of Queensland’s largest Healthcare precincts - the ‘Boggo Road Precinct’ (incorporating the Princess Alexandra Hospital) and 1.25 kilometres from the Greenslopes Private Hospital.
Greenslopes and Stones Corner have undergone significant urban renewal over recent years, with new development and investment encouraged by the Brisbane City Council. The gentrification process has increased the presence of entertainment, retail and higher density living along with further infrastructure improvements to the area.
The sale of this prominent development site coincides with significant town planning reform for Stones Corner.
Only recently, the Brisbane City Council officially adopted and gazetted the new Stones Corner suburban renewal precinct plan into the City Plan, which allows for increased building height in the area.
