An amalgamated Brisbane residential development site in the inner-city suburb of Toowong has been sold off-market for more than $5.7 million.
Comprised of four properties – two residential dwellings at 36-38 Sylvan Road and two at 1-3 Standring Street – with land area totalling 1,746sq m, the site was purchased by multi-award-winning Mosaic Property Group.
The $5.7 million deal, involving four private vendors, was negotiated by Blake Goddard and Matt Barker of Knight Frank.
The transaction, which has just settled, was timed perfectly to allow Mosaic ample time to obtain a DA for a residential project on the site and launch with a strengthened residential market post COVID.
Mosaic plans to build an eight-level residential building with two and three-bedroom parkside residences on the site called Kensington with construction now underway.
The development will include a rooftop pool and terrace with city, hinterland and park views, a sun deck with lounges, an outdoor BBQ area and dining.
Mr Goddard said the sale of the amalgamated site involved a targeted off-market approach to the multiple private vendors in order to ensure the properties could be sold together and eventually amalgamated for a future development.
He said the Toowong location had been identified as ideal for a residential development, with the suburb proving to be a strong performing catchment for the well sought after Mosaic brand due to its proximity to the CBD, public transport and retail and entertainment amenity.
“Mosaic have continued to build and develop their pipeline to maintain investor and owner-occupier demand in the residential space,” he said.
“They identified Toowong as an ongoing location of interest given their continued success in the inner west over many years across more than 12 projects in this specific area alone, and together we worked to amalgamate the four properties to provide a regular-shaped development site in a highly desirable location.
“The amalgamated site provides view corridors over Toowong Memorial Park, the Brisbane River and Brisbane CBD.”
Mr Barker said Brisbane’s residential market has continued to strengthen, which was now resulting in an increase in developer enquiry for raw sites across the Brisbane market.
“The biggest challenge is finding quality sites, which is why Mosaic worked hard to secure this particular property,” he said.
Since launching the Kensington project in late April, Mosaic have sold all but two remaining apartments, which is an astonishing result and a key indicator of the strength of the residential market, and the clear lack of quality stock with well identified brands like Mosaic.