ApartmentsTaryn ParisMon 11 May 26
Lantona Splashes $22m on Shovel-Ready Albion Site
Brisbane-based developer Lantona Developments has acquired a prime DA-approved site in the evolving inner-city suburb of Albion for $21.8 million.
The 5600sq m industrial site at 31 Dover Street, 5km north of Brisbane’s CBD, holds approval for close to 200 apartments across two blocks each of 10 storeys.
The site is near Crosby Park and would capture views to the CBD.
The transaction was facilitated by Chesters Real Estate agents Tim Jones and Vaughn Smart.
Jones said the deal typified the continued confidence in Brisbane’s inner-city development market.
“Demand for well-located inner-city development opportunities remains extremely strong, particularly for shovel-ready sites with quality approvals already in place,” Jones said.
“With Brisbane continuing to experience significant population growth, infrastructure investment and momentum leading into the 2032 Olympic Games, developers are actively securing strategic sites within tightly held urban precincts.”
Lantona’s most recent acquisition marks a strategic move out of its inner-west stomping ground, where it has projects at Auchenflower, Toowong and Indooroopilly.
Lantona director Andrew Hanna said the deal was a significant opportunity to expand the developer’s pipeline.
“[It] is an exceptional site within one of Brisbane’s most rapidly evolving inner-city suburbs,” Hanna said.
“The combination of scale, elevation, city outlooks and immediate proximity to green space made this a highly compelling acquisition for us.”
Hanna said it was “becoming increasingly difficult” to put a foot on DA-approved sites in Brisbane’s inner ring.
“Albion continues to transform into one of Brisbane’s most connected and desirable lifestyle precincts, supported by strong transport connectivity, amenity and long-term infrastructure investment,” he said.
“As a Brisbane-based developer, we are passionate about delivering projects that not only respond to the way people want to live today, but also contribute positively to the long-term evolution of the surrounding area. We look forward to progressing our vision for the site in the years ahead.”
Construction is under way one block away on Arden Group’s Park House at 58-60 Crosby Road. The project comprises 56 apartments in a mix of three and four-bedroom formats.
Pyco’s Nouveau development is also nearing completion further up the hill from the Dover Street site.
