Silverstone Developments has purchased a key Toowong site in High Street in an off-market transaction for $8 million.
The $5,144 per square metre transaction sets a new benchmark for development site values in the Brisbane inner-city suburb.
Silverstone Developments, the privately owned Brisbane-based boutique development company, has development approval to build a premium 2-storey residential apartment tower comprising 154 one and two bedroom apartments.
Brendan Hogan, Associate Director of Residential at Colliers International, along with his colleague Pat George, handled the off-market transaction of 1,555 square metre site at 66-68 High Street.
Mr Hogan, who transacted four of the last five major site transactions within the tightly held inner western suburbs, said this site was always going to be attractive to developers, given its location in the heart of Toowong.
“This location provides outstanding access to the Brisbane CBD as well as being within a short distance to the University of Queensland St Lucia campus,” said Mr Hogan.
“Silverstone Developments moved quickly to secure the opportunity given the quality of the offering. The location of the site was the biggest selling point, being in the heart of Toowong Village shopping and dining hub.
66 High St Toowong Interior“Relative to other inner-city precincts there is a lack of new apartment products in the inner western suburbs and particularly Toowong. This undersupply, coupled with strong demand for new apartments, has influenced the $5,144 per square metre price for this site, setting a new benchmark for residential development sites in the Toowong precinct.”
Troy Daffy, Managing Director of Silverstone Developments, said they have been trying to secure a western suburbs site for a period of time and were very fortunate to lock in this amazing site sitting on top of the hill in High Street, Toowong.
“We have already managed to secure planning approval through Brisbane City Council, who did an amazing job to approve the project within three months,” Mr Daffy said.
“As a result of extensive positive feedback we have received on the quality of the 20-storey development, we are commencing construction immediately and will undertake a public sales launch early in the new year. We anticipate handing over keys to our future owners within the next two years.”