A 1,945 square metre site at 611 Coronation Drive in Toowong has been purchased for $13.5 million and is destined to become a new student accommodation project.
The site, a 37-metre frontage to one of Brisbane’s busiest CBD connection roads, was purchased by UK based student accommodation provider Scape Living.
This will be Scape Living's second student accommodation project in Brisbane.
The site has development approval for a 15 storey residential apartment project which will be converted to student accommodation.
Brendan Hogan and Hunter Higgins of Colliers International negotiated the off-market deal on behalf of Ross McKinnon of State Development Corporation.
Mr Hogan assisted Scape Living to find their first student accommodation site in Brisbane, which was an amalgamation of two sites at Southbank where Scape Living has built a $160 million student housing facility that is currently under construction.
“We assisted Scape Living with their first foray into Brisbane and now their attention has turned to Toowong due to a range of the educational facilities in the immediate area, most importantly the University of Queensland at St Lucia," he said.
“The market for development sites in Brisbane is still active, and as we have seen in this case, there is potential for alternative uses other than residential developments.
“In the last 18 months nine major sites have been sold to student accommodation operators in Brisbane totalling nearly $190 million," said Mr Hogan.