Tom Barr managing director of RWC Queensland negotiated the sale of 18 Sandford Street, St Lucia, with the transaction reflecting a significant site rate of $20,988 per square metre* of land.
The 810sqm* north-facing absolute riverfront property occupies an irreplaceable north-facing riverfront position overlooking Orleigh Park and the Brisbane skyline.
The site was purchased on an unconditional basis by GRAYA following an intense early-stage campaign that generated 113 buyer enquiries in the opening week alone.
The property attracted widespread interest from prestige residential apartment developers and high net worth individuals seeking one of Brisbane’s rarest riverfront landholdings.
Positioned just 3.5 kilometres* from the Brisbane CBD, the site features 20 metres* of absolute Brisbane River frontage and was improved with an architectural residence and private pontoon.
Tom Barr said the result underscored the strength of demand for irreplaceable riverfront development sites in Brisbane’s premier residential precincts.
“Opportunities of this calibre are exceptionally rare, particularly in a blue-chip suburb like St Lucia where absolute riverfront development sites are extremely difficult to unlock and therefore very rare,” Mr Barr said.
“The level of enquiry we received in only one week demonstrates the extraordinary demand from developers and private buyers seeking premium riverfront positions with genuine long-term scarcity value.”
“The property’s combination of direct Brisbane River frontage, northerly aspect, CBD views and favourable development zoning created an offering that was virtually impossible to replicate.”
The site is zoned High Density Residential (HDR2), allowing for a potential building height of up to 15 storeys, subject to council approval.
Mr Barr said the sale reflected continued confidence in Brisbane’s prestige apartment market, particularly in tightly held inner-city lifestyle precincts.
“We are continuing to see very strong demand for premium apartment development sites targeting the owner-occupier and downsizer market,” he said.
“Buyers are increasingly focused on locations that offer lifestyle, connectivity and limited future supply, and St Lucia continues to tick all of those boxes.”
“The combination of proximity to the CBD, access to the Brisbane River, nearby retail and dining precincts, and world-class educational institutions such as the University of Queensland continues to drive significant interest from developers.”
Located on the doorstep of the University of Queensland, the property is also within walking distance of the CityCat Ferry terminal and minutes from Toowong Village Shopping Centre and the vibrant retail and dining precincts of Brisbane’s inner-west.
RWC Queensland congratulated both the vendor and GRAYA (the purchaser) on the successful transaction.
