Packhill procured plot. Source: Knight Hill
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  • A Brisbane development opportunity on the cusp of the CBD has sold for $6.5 million at the suburbs record price of $6800 per square metre
  • The transaction was negotiated by real estate agency, Knight Frank for record pricing following an Expressions of Interest campaign on behalf of a private international vendor
  • According to the real estate agent, there were upwards of 100 enquiries from prospective buyers and 23 offers at the close of the campaign, of which five were without conditions
  • According to Knight Frank Associate Director Matt Barker, the holding income for the property is $152,000 per year with a potential for growth

A Brisbane development opportunity on the cusp of the CBD has sold for $6.5 million at the suburbs record price of $6800 per square metre.

The 950-square metre plot is located on Wickham Terrace in Spring Hill, where a three-storey building with 12 one-bedroom apartments currently stands.

The plot has two street frontages, to Wickham Terrace and Penton lane where it overlooks Wickham Park and the Roma Street Parklands.

The transaction was negotiated by real estate agency, Knight Frank for record pricing following an Expressions of Interest campaign on behalf of a private international vendor.

According to the real estate agent, there were upwards of 100 enquiries from prospective buyers and 23 offers at the close of the campaign, of which five were without conditions.

Local developer Packhill bought the project and revealed its plans to hold the property, for the time being, take advantage of the holding income and develop it later at a later stage.

According to Knight Frank Associate Director Matt Barker, the holding income for the property is $152,000 per year with a potential for growth.

Under Spring Hills’ Neighbourhood plan, the plot could be developed to accommodate up to eight storeys, as residential, hotel or as Packhill decides.

“This was a prime development opportunity, with the property actually offering one of the first on market opportunities to acquire a quality boutique site this year,” the other Knight Frank Associate Director Black Goddard said.

“The rebound of Brisbane’s residential market has been well documented throughout the first half of 2021 and high-quality inner-city development sites, particularly those offering residential development potential, have become a scarce commodity”.

Mr Goddard also added that real estate in central hubs will be highly sought after leading to the 2032 Olympics.

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