Brisbane Site Created by Roadworks Fetches $10m

A site created by a major road upgrade in Brisbane’s south-west has sold for just north of $10 million.

The 4637sq m block at Lot 1, Indooroopilly, is next to the Indooroopilly Shopping Centre. It was created by a road realignment as part of work on the Moggill Road corridor upgrade.

The site sold for $10.55 million to a Brisbane-based private developer who intends to file plans with the Brisbane City Council early next year, according to Knight Frank, whose agents Blake Goddard and Christian Sandstrom managed an expressions-of-interest campaign for the site on behalf of the Brisbane City Council.

The campaign attracted 10 offers from a diverse range of potential purchasers including mixed-use developers, retail users and residential developers, the agents said.

Knight Frank partner, institutional sales and head of investment sales in Queensland Blake Goddard said the site’s strategic location and zoning made it a standout opportunity.

▲ The site neighbours one of South-East Queensland’s biggest shopping centres.

“This site is at one of Brisbane’s busiest intersections, with around 55,000 cars passing daily,” Goddard said.

“Its proximity to Indooroopilly Shopping Centre, which is Australia’s 19th largest shopping centre and western Brisbane’s major regional shopping centre, makes it ideal for a high-density residential project.

“The centre is a hub for public transport, including bus and train services, while the site is also well-connected to major road networks, ensuring easy access for future residents.”

Knight Frank partner, investment sales Queensland Christian Sandstrom said the buyer intended to deliver a residential scheme aligned with the site’s zoning and surrounding amenity.