Canberra-based developers
Doma Group are stepping into the Brisbane property market after purchasing a government-owned development site at South Bank for approximately $17 million.
This marks the first big move into a different capital city for Doma Group, who is planning to build their second
Little National Hotel on the 133 Grey Street prime site.
Doma Group’s General Manager of Development, Gavin Edgar, confirmed the purchase to the Financial Review saying Doma plans to build the 160-room affordable luxury hotel on the 16,000 square metre site.
"The proposed LN Hotel, South Bank, Brisbane [is] the latest evolution from Doma Hotels," Mr Edgar told The Australian Financial Review.
“This is the first big move into another capital city.
"We feel there is a niche market for this type of hotel offering, based on how well it has been working in Europe.
“We do hope to take this hotel into other capital cities in the future.”
The sale of this site also indicates that the new Queensland Labor government will be unlikely to interfere with the sale of major government owned land that is currently under negotiation.
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This also comes as the Labor government issued their support for major mixed-use development, Queens Wharf.
The sale of the South Bank site was successfully facilitated by Colliers International’s Jason Lynch and Tom Phipps.
