Toowong site amalgamation reaps value uplift for unitholders

Queensland-based property developer Pradella has purchased a 1,083sqm Toowong site for $6.1 million. 

Located at 70 Sylvan Road, the corner site is zoned for medium-density residential and has development potential for an eight-storey residential development. The property is currently fully occupied by a mix of residential and office tenants on short-term leases. 

CBRE’s Adelaide O’Brien and Will Carman brokered the deal which translates to a sale price of $5,633 per sqm. 

“We approached the body corporate off the back of strong developer interest in the area. The parcel was sold at a significant premium to the individual lots’ value, due to the underlying land developability which was unlocked in the sale. The location has been a great success story for local and interstate developers who recognise its attraction to both the owner occupier and investor market,” Ms O’Brien said.

“The property has the ability to generate a robust fully leased net annual income providing Pradella with secure earnings to strategise for future development.” 

Toowong is located between Mount Coot-tha and the north bank of the Brisbane River and is surrounded by successful Brisbane developments by companies such as Mosaic, BPM and Consolidated Properties.