A development site in the inner Brisbane suburb of South Brisbane has sold for $22.2 million to Abacus Property Group and KPG Capital, according to The Australian.
The 2733 sqm site at 22-28 Merivale Street, South Brisbane, is subject to an outstanding proposal to build two 30-storey residential towers.
The development could hold a total of 486 units, and was sold by Chinese-backed Sunshine Investments International, which purchased the site for $10.5m in 2010.
Stage 1 would have 256 units and Stage 2, 230 units.
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A five storey podium includes retail/commercial spaces, three levels of car parking and a communal recreation deck.
It includes three levels of podium parking and five basement levels of car parking – 519 resident car parks, 17 visitor car parks and 687 bicycle parks are proposed.
The site is directly adjacent to St Mary’s Church which has State and local heritage significance.
The sale was handled by Carl Charalambous of Elders Commercial.