A large development site known as Aviary Toowong in the inner Brisbane suburb of Toowong has been sold for $53 million.
The 9,000sqm site on the corner of Sherwood Road and High Street was purchased by a Brisbane investment company from a syndicate run by Ray White Capital (RW Capital) and State Development Corporation Pty Ltd.
The purchaser intends to undertake a joint venture with the owner of the adjoining site at 80-88 Jephson Street to integrate the properties into a $1 billion retail, office and residential development over the total 1.3 hectares of land.
Ross McKinnon, MD of State Development Corporation, said the sale of the land enables RW Capital to deliver a return to its investors after many months of uncertainty.
“We are delighted that the purchaser will look to develop the property,” he said.
“Since launching the development in 2020, we have received overwhelming support from council, local residents and retail tenants, and we have no doubt that once built, the project will provide fantastic amenity to the Toowong community.”
The deal was negotiated by Christian Sandstrom of Knight Frank.
Sandstrom originally sold the site to State Development Corporation and introduced the new purchaser in the current sale.
“I have been working with this purchaser for an extended period in transacting the deal,” he said.
“This property is in a prime site in the heart of Toowong, and will follow other recent developments including the Monarch development on the old ABC site and Mosaic developments on Sylvan Road and Archer Street.”
The sale was completed in conjunction with Ian Heatherington from Ray White.
The proposed new Toowong Town Centre will not only create a new town centre in the heart of Toowong but will add significant community benefits to the precinct and the western corridor.