Strategic development potential unlocks $6.4 Million sale in Brisbane’s Toowong

In a move highlighting the robust demand for properties with developmental prospects in Brisbane’s inner-western corridor, two adjacent properties in Toowong have been acquired for $6.4 million in an off-market transaction. Located merely four kilometres from Brisbane’s CBD, the combined properties at 53 & 59 High Street span a total area of 1027 square meters, inclusive of seven car parking spaces.

The sale orchestrated by Christian Sandstrom of Knight Frank, saw 59 High Street, a retail strip housing HX Asian Supermarket on a 420 square meter plot, and its neighbour, 53 High Street, a heritage-style two-story retail/office building occupied by KC Dry Cleaning over 607 square meters, changing hands to Toowong Central Investment Holding Pty Ltd.

Sandstrom noted that the sale rate stood at $6232 per square meter of land, underscoring the premium that investors are willing to pay for strategically located properties with potential for future development. The properties, boasting a significant frontage on Toowong’s main thoroughfare, present a lucrative opportunity for mixed-use development up to five storeys, aligning with the neighbourhood’s current planning provisions.

“This transaction not only demonstrates the high interest in quality properties in this segment of Brisbane but also the potential for diverse development outcomes these properties offer under the current neighbourhood plan,” Sandstrom elaborated.

The properties’ prime location on High Street ensures prominent exposure and convenient access to major routes, including Coronation Drive, enhancing their appeal to developers seeking to leverage Toowong’s growing reputation as a mixed-use village. This locality is celebrated for its proximity to major retail and commercial hubs like Toowong Village and the Brisbane CBD, further elevating its attractiveness to investors and developers.

This sale follows the $53 million transaction of The Aviary development on the former Woolworths site adjacent to 53-59 High Street, also facilitated by Knight Frank’s Sandstrom and Justin Bond. It indicates a continuing trend of significant investments within Toowong, reinforcing the area’s position as a key development corridor in Brisbane.

Knight Frank, a global property consultancy with a network spanning 53 territories, played a pivotal role in realizing this transaction, highlighting the firm’s expertise in navigating the complexities of the property investment and development landscape.