Developer accepts major discount for riverside apartment site
R&F Property Australia has sold a riverside West End high density residential site for a major discount on its outlay just over nine years ago.
Covering 1.68 hectares across two addresses – 25 Donkin Street and 3-9 Buchanan – the China backed developer is collecting $48.8 million.
It spent $82.5m.
That seller, PointCorp’s Vida, paid Dexus $25.5m 18 months earlier.
Next chapter for prime site
Presently accommodating the Riverside Corporate Park, with three low rise commercial buildings and significant hardstand, the West End blocks were via PointCorp approved for 981 apartments in seven buildings.
A 450-bay car park investment was also part of the proposal (artist’s impression, top).
R&F revised the master plan seeking c1032 dwellings in eight towers (story continues below).
Retail and a riverside walkway also formed part of its scheme.
For the public sales campaign, managed by Savills’ Robert Dunne, Tanya Su and Josh Baker, the property was marketed for its potential to yield 1128 flats.
“We successfully ran a competitive expressions of interest process which generated numerous offers and identified a Melbourne-based developer who saw value in this high potential location for a mixed-use project,” Ms Su said.
“The extraordinary…property is set to redefine inner-city living, creating a vibrant, modern and connected community for years to come,” she added.
West End, where R&F is headquartered, is about 1.5 kilometres west of Brisbane’s CBD.
More to come.
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