Olympic-sized development site hits Brisbane’s market
A prime slice of land within the Olympic precinct is on the market with approval for a multi-storey development.
Colliers has recently listed a more than 2400 sqm inner-city site on the market, with concept plans for a potential 40-storey development within the Olympic precinct.
On Tuesday February 10, the potential development, known as ‘Landmark Brisbane’ with its seller spruiking linked demand for hotel accomodation ahead of the 2032 Olympic Games.
Located at 70-82 Wickham Street, Fortitude Valley, the site is a prime location along the Olympic gateway and residential, hotel, apartment and commercial offerings.
Colliers Queensland residential sellers Brendan Hogan and Troy Linnane are selling the 2416 sqm site, is in a spot flanked by the Brisbane CBD, Fortitude Valley and New Farm.
Cottee Parker architects prepared Landmark Brisbane’s concept plans across three street frontages, that show a residential block rising 25 to 4o storeys with more than 350 apartments across both.
Residential development sites director Hogan said the site was expected to ……… and was near Howard Smith Wharves and the Victoria Park Olympic precinct.
“This is one of the most compelling inner-city development sites Brisbane has seen in recent years and we are already seeing strong market interest from a range of local, interstate and offshore developers, as well as institutional investors and high net worth individuals,” Hogan said.
Hogan said inner-city Brisbane was experiencing an acute undersupply of apartments, with vacancy rates below one percent and new residences valued at more than $20,000 per square metre.
“The development site market in Brisbane has excellent fundamentals which are seen as having the best growth prospects of any city on the eastern seaboard of Australia, making it a great time to invest,” Hogan said.
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Residential development sites director Troy Linnane said the precinct was undergoing rapid gentrification, with premium residential developments, lifestyle-driven demand and strong population growth.
“South East Queensland’s population growth is driving unprecedented demand for inner-city apartments, making high-quality development sites in prime locations increasingly scarce,” Linnane said.
The site currently is home to a two-storey retail and commercial complex.
The site is code assessable to 25 storeys, but the the sellers said surrounding development precedent and the recently released Fortitude Valley Sustainable Growth Precinct Plan, could see a 40-storey project subject to council approval.
