Woolloongabba PDA development site changes hands

DAKL Group has purchased a significant corner development site with holding income in East Brisbane from long-term owner occupier GW Homes for $9.35 million.

CBRE’s Nick Wedge and Will Carman managed the sale of the 1,772sqm site, with 1,059sqm NLA, located at 891-897 Stanley Street East.

Mr Carman noted the site was a truly rare offering given its significant development upside, 15 storeys STCA, and existing improvements providing short-medium term holding income.

“We were able assist the buyer in purchasing the neighbouring property to expand their footprint to 2,617qsm site - we are very excited to see the buyer's plans evolve and add to this already prominent precinct,” Mr Carman added.

East Brisbane, on the doorstep to Woolloongabba, has cemented itself as one of the city’s best inner-city locations with Stanley Street as a main thoroughfare to access the Brisbane CBD.

Mr Wedge said, “The campaign was very well received by the market to provide holding income while potential buyers were able to firm up their development plans in one of the most dynamic apartment precincts in the inner south.”

DAKL Group director Kieran Gartshore said, “We’re excited to expand our investment in the Woolloongabba PDA. By combining this site with our adjoining property, we can continue supporting existing tenants in the near term, while working with EDQ (Economic Development Queensland) to create a high-quality residential development in the future.”