The planned Quay residential development at 30 Herschel Street Brisbane stands on the last developable piece of Brisbane's CBD riverfront land presenting a rare opportunity on a prime holding.
As reported in The Australian Financial Review, Nielson Properties is selling the site with expectations it could sell for $60 million, with the property delivering a holding net income of $1.72 million per year.
Developer Ross Nielson told The AFR that the sale's timing was better suited to a long-term investor.
"It's a development that is not planned for the current cycle, but for the future," Mr Nielson said.
The Quay apartments feature plans for twin towers and are designed to capitalise on the Queen’s Wharf project which will entail the redevelopment of approximately 10 per cent of Brisbane's CBD. The scheme of the towers holds a total project value of up to $700 million, but while the sale includes the development plans, approvals for The Quay are yet to be received.
In light of the multi-billion dollar Queens Wharf project, proposed Brisbane Transit Precinct redevelopment, and now, the latest CBD residential project to begin construction - Brisbane Quarter's $1bn development - it's clear that residential CBD developments are recognising the importance of a high-quality product to attract a world class audience. This waterfront sale represents a prized opportunity within an up and coming entertainment hub.