An expansive landholding occupied by an old foundry on Brisbane’s south side could be redeveloped from an industrial site into a residential and commercial precinct, subject to approvals.
The 16.22 hectare brownfield site in Runcorn, located 14 kilometres south of Brisbane’s CBD, will hit the market this month.
Global engineering business Bradken has owned and operated a foundry on the site, at 54A & 32 Bonemill Road, for more than 60 years, having purchased it in 1955.
Bradken, established in 1922, plans to close shop of its Runcorn Foundry in September.
The proposed masterplan for the site, dubbed “The Foundry” in homage to its soon-to-be previous use, would create a new precinct comprising a mix of industry.
Knight Frank’s Mark Clifford and Christian Sandstrom, who will run the expressions of interest campaign, says the proposed scheme has the potential to include an entertainment hub which could incorporate a cinema, tavern, supermarket and neighbourhood centre.
Clifford said the Runcorn property has received significant interest from both local and offshore buyers.
“The bulk of interest has been from residential-based development groups, with these buyers interested in converting the site from its current industrial use into a residential and commercial development, pending the appropriate zoning and development approvals,” Clifford said.
Sandstrom said the opportunity to purchase the Runcorn site was “rare”.
“Being one of the few remaining large brownfield sites close to public transport in Brisbane,” Sandstrom said.
“Many developers have been waiting for this site to hit the market[...]they have been keeping a watchful eye on it, and we expect buyer enquiry to be strong when the campaign officially launches.
“While it could retain its current industrial use, the far more likely – and almost certain – outcome is that it will be converted into any number of uses, including retail, commercial, allied health, aged care and retirement, residential and entertainment uses, subject to Brisbane City Council approval,” Sandstrom said.
The Runcorn site, which sits in close proximity of major centres including Upper Mt Gravatt and Sunnybank, is located near major arterial road the M1 and Logan Motorway.
The expressions of interest campaign starts 15 July and ends 22 August.