Melbourne-based developer Accord Property Group has acquired a 2300 square metre South Brisbane site from developer Angus Johnson (pictured) for $20 million, the Australian Financial Review reported.
The paper said the site at 2 Cordelia Street does not yet have any development approval, but that a scheme for about 350 apartments has been produced by Cottee Parker Architects.
Accord Property Group was founded by Ross Clarke and Scott McVilly. The company has projects throughout Melbourne.
The purchase is the latest in a series of development site acquisitions in the South Brisbane area. It sits opposite the 1 Cordelia Street development which Chinese group R&F purchased from Metro Property Development last year for $46 million.
It is also near Singapore listed Roxy-Pacific Holdings development site at 9 Cordelia Street which was acquired earlier this year for $33.6 million.
The price Accord Property paid amounts to approximately $57,000 per planned unit.
