The sale of the Australian Defence Force’s riverside Bulimba Barracks’ site has progressed with commercial agency Knight Frank officially appointed to market the 20-hectare parcel of prime riverfront land.
Despite the federal government committing to a 2017 listing, delays pushed the sale back more than six months. The listing will mark the largest riverfront site sale in Brisbane in decades, with the site likely to fetch well over $30 million.
The sale of the Bulimba Barracks was originally announced by the Department of Defence back in 2015, and the Defence Department property disposal website says the goal is to wrap up the sale come the end of this year.
Last year the Brisbane City Council finalised its plan allowing the riverside site to be developed. The Bulimba Barracks was rezoned from a defence zone precinct to an emerging community zone, allowing for the conservation of public space along the waterfront and a maximum building height of five-storeys.
“When sold on the open market, any party who is eligible to purchase property in Australia may bid for the site,” according to the Department of Defence website.
“This includes the state government and local council.”
The Barracks is part of almost 600-hectares of surplus land in Queensland that the Defence Department no longer requires and is aiming to divest this year.