Melbourne based BPM has purchased a key site in Toowong for $5 million with plans to build an eight storey development with 60 apartments.
This transaction is BPM’s fourth residential site purchase in Queensland in the recent times.
The site which is located at 50-52 Sylvan Road in Toowong is 1,411 sqm and code assessable for eight storeys.
It is currently improved by a three storey building which was built about 10 years ago.
Brendan Hogan and Pat George from Colliers International negotiated the sale on behalf of private investors.
Mr Hogan said Toowong is a major hot spot with Colliers International selling another four sites in the area within the last year.
“The developer saw an opportunity for this site to be converted into a high quality boutique residential development due to its excellent location overlooking the Toowong Memorial park with an easy access to nearby amenities and the Brisbane CBD.”
Jonathan Hallinan, BMP Managing Director and Founder said: “As BPM continues to forge its position as Brisbane’s premier developer, we are excited to contribute to the ongoing evolution of Toowong by introducing an unprecedented quality of architecture and design through the development of this project.”