Situated six kilometres to the Brisbane CBD, the 5.431 hectare site is approved for residential apartment towers up to 15 storeys.
The site, known as Precinct 5B of the Eagle Farm Master Plan area, provides a rare opportunity to partner with the Brisbane Racing Club to develop its large residential development site.
Brisbane Racing Club’s General Manager - Property & Asset Management, Mr Jeff Kahler
said the Club was seeking a joint venture partner for what will be one of Brisbane's most exciting developments.
“Brisbane Racing Club has obtained planning approval for the master planned development of Eagle Farm and Doomben Racecourses and is seeking a joint venture partner for this iconic Brisbane residential opportunity which will appeal to large developers who want to be involved in a premium, large scale development,” said Mr Kahler.
Knight Frank’s Richard Morrison and Paul Henley
are exclusively marketing this residential development site on behalf of the Brisbane Racing Club.
Knight Frank’s Director of Commercial Sales, Mr Morrison said that the master planned development of the non-core land of Eagle Farm and Doomben Racecourses is a rare opportunity for a local or offshore developer.
“This approval is one the largest and most exciting lifestyle projects in Brisbane’s history and one we’re extremely confident will be well received by the developer community,” continued Mr Morrison.
“The Eagle Farm Residential Precinct is located alongside the Eagle Farm Racecourse and is designated as a high density residential area. This site is capable of sustaining in excess of 1,000 apartments and is situated immediately next to a proposed mixed-use development which may include a range of uses comprising retail, commercial, hospitality and entertainment facilities.
“The site is located in a popular lifestyle precinct, well serviced by public transport with rail, bus and Citycat all close by and easily accessible from all parts of Brisbane and beyond via Inner City Bypass,” added Mr Morrison.
Knight Frank’s Managing Director of Commercial Sales, Mr Paul Henley said that Brisbane residential site sales have gone through considerable growth the past 12 months.
“The Brisbane Apartment market has entered a new property cycle. Sales rates have now remained above long term averages for a full 12 month period. Sale prices have stabilised and stock transacting is a good mix of investment and owner occupier product which signals a suitable diversity of purchasers in the marketplace, as the development of Eagle Farm Residential Precinct is likely to offer.
“In addition to traditional markets Melbourne and Sydney, we have sensed a considerable shift in favour of Brisbane also in our recent visits to Malaysia and Singapore as a preferred Australian location for investment This positive sentiment in favour of Brisbane is in our opinion going to grow in the short to medium term,” added Mr Henley.