An inner-city Brisbane development site originally given the green light two years ago has been put on the block as market demand strengthens but industry challenges continue to prevail.
The shovel-ready 2798sq m site at Taringa in the city’s inner-west is approved for a five-storey residential project comprising 47 family-sized apartments.
It is being offloaded by an entity linked to the directors of Long Ze International Development Group, which acquired the corner holding at 3 Stanley Terrace, 101 and 105 Moggill Road for $5.6 million in 2021.
The company’s completed portfolio includes the twin-tower Atlas Apartments development comprising more than 200 units at South Brisbane.
Its proposed Taringa project was given the go ahead by the Brisbane City Council in April 2022 and last year the plans were tweaked with minor changes to facade details as well as carparking, privacy screening and other design details.
To be known as Illume, it was to feature 44 three-bedroom apartments and three four-bedroom units, which were being marketed off-the-plan from $1.19 million to $1.6 million.
Under the plans, a rooftop communal space was to provide a “wellness oasis” with a pool, barbeque and outdoor dining area, deck and yoga lawn.
The scheme designed by Red Door Architecture also featured a central open-air landscaped courtyard.
Colliers Queensland agents James Matley and Troy Linnane have been appointed to run an expressions of interest campaign for the site, which closes on June 20.
Matley said the site represents one of the best development approved opportunities within Brisbane's blue-chip inner-west.
“The site holds a valuable development approval,” he said.
“With a chronic undersupply based on historical demand and likely anticipated supply, inner Brisbane will experience a shortfall of 16,000 new apartments over the next four years.
“[The city’s] vacancy rates have been falling since November 2016 and now consistently remain below those in Melbourne and Sydney.
“At 1 per cent, the current Brisbane vacancy rate represents an extremely tight and undersupplied rental market … [and] this pre-existing approval offers the incoming purchaser a unique opportunity to seize the current demand swiftly, facilitating a faster entry into the market.”
