The property is literally on the edge of the University of Queensland campus. Source: Ray White Commercial Queensland
A rare Brisbane riverfront site metres from the University of Queensland has sold for a staggering $20.42m after 220 enquiries from developers and richlisters.
The 1,513sq m St Lucia block is literally on the edge of the University of Queensland campus, in an area zoned for a 15-storey tower (subject to council approval) – one of the most tightly held parts of the Queensland capital.
The site saw 220 enquiries from developers and richlisters. Source: RWC Queensland
The property might as well be considered part of the UQ campus, it’s that close. Source: RWC Queensland.
Ray White Commercial Queensland confirmed the double block property spanning 178 to 180 Macquarie Street, had changed hands at a price that comes in at $13,496 per square metre.
Tom Barr of RWC Queensland said “riverfront development opportunities of this scale and quality in St Lucia are exceptionally rare”.
“The combination of absolute Brisbane River frontage, direct CBD views and a prime inner-city location generated very strong buyer interest throughout the campaign primarily from luxury apartment developers and some High-Net-Worth private individuals.”
Mr Barr said there were “very few High Density Residential (HDR2) zoned prime riverfront development sites in Brisbane that can be unlocked for a luxury apartment development of scale”.
Artist impression of the site’s potential. Source: RWC Queensland
RWC Queensland sold 178-180 Macquarie Street, St Lucia, for $20,420,000. Source: Supplied
“This property offered 30 metres of river frontage with a northerly aspect providing for both direct Brisbane CBD views and a 360-degree aspect across Brisbane’s Inner South-West.”
Located just 2.5km from the Brisbane CBD, the property currently has two substantial riverfront homes on it – one of which has an approved pontoon.
“The proximity to the University of Queensland, the riverfront positioning and the accessibility to the CBD make this one of the city’s most consistently sought-after residential precincts.”
He said confidence in Brisbane’s luxury riverfront opportunities was not dented.
“Receiving more than 220 enquiries during the campaign, with strong interest from interstate buyers particularly Sydney and Melbourne, was a strong indicator of the appetite for premium Brisbane assets,” Mr Barr said.
PropTrack data shows the median unit price in St Lucia is now $885,000 after rising 9.9 per cent in the past three months and 72.4 pc in the past five years. Houses have dropped -2.14pc in the past three months to $2.14m after rising 37.4pc since the pandemic.
Artist render of what 15 storeys could look like on the edge of the university. Source: RWC Queensland
There are currently two high-end homes located on site, one of which has pontoon approval. Source: RWC Queensland
“We saw competition from both established development groups and High-Net-Worth (HNW) private buyers seeking a generational riverfront holding, which speaks to the significance of the opportunity.”
The site is walking distance from a CityCat terminal and UQ facilities, as well as major retail and dining precincts like Toowong Village, and also on bicycle pathways that lead all over the city.
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