An expansive brownfield site on Brisbane’s south side could be transformed into a mixed-use precinct after changing hands for $26 million.
The 16.22ha industrial property in Runcorn was snapped up by a Chinese-backed developer, with plans in place to redevelop the site into a mixed-use precinct subject to approvals.
Vendor, global engineering business Bradken offloaded the Runcorn property, located 14 kilometres south of Brisbane CBD at 54A & 32 Bonemill Road, having owned it since 1955.
Knight Frank’s Christian Sandstrom and Mark Clifford negotiated the deal.
“The buyer intends to redevelop the site for a mixed-use scheme complementing the surrounding uses, subject to council approvals,” Clifford said.
The proposed masterplan for the site, known as “The Foundry” in homage to its previous use, would create a new precinct comprising a mix of residential and commercial development.
Clifford said the sale meant the now unused site, could potentially be transformed into a “vibrant hub”.
“It’s a prime redevelopment site in a great location, situated in a high-growth region of Brisbane.
“A future redevelopment of the site will provide more housing, employment and facilities for residents of Brisbane’s south.”
Sandstrom said the expressions of interest campaign attracted a range of buyers including owner-occupiers and developers.
“Interest in the site had been very strong even prior to the sale campaign, with both local and offshore buyers eyeing off the site for many years, with the intention of converting it from its current industrial use into a mixed-use development,” he said.