Skip Ribbon Commands
Skip to main content

News release

Brisbane

550 Queen Street announced for sale in first major CBD offering for 2014

Strong interest expected from major residential developers for a prime Brisbane CBD site


BRISBANE, February 2014 – One of the last remaining undeveloped sites in the Brisbane CBD has been announced for sale with strong interest expected from the local, interstate and off-shore residential development sector, as the Brisbane apartment market continues to gather strength. 

The Consolidated Properties Group-owned site at 550 Queen Street is officially on the market through Geoff McIntyre and Seb Turnbull of Jones Lang LaSalle, with the new buyer tipped to come from the residential sector. 

“With Development Approval for a 20,000sqm commercial scheme in place, plus the residential market showing positive fundamentals, the buyer for this prime site in Brisbane’s CBD could come from either market sectors; however there’s strong interest from residential development players,” said Jones Lang LaSalle’s Seb Turnbull.

“As the first major CBD site offering put to market in 2014, it will be a great gauge of what 2014 has in store,” he said.  

John Livingstone, Managing Director Commercial for Consolidated Properties Group said market conditions were ideal for the sale announcement. 

“We have monitored the market very closely, and given the number of the approaches we have fielded, particularly from interstate and the Asian market, together with the fact we have a Development Approval for a 20,000sqm tower, now is the time to offer the site to the market for sale,” he said. 

Mr Turnbull cited the December 2013 sale of the 30 Albert Street development site for $19 million as a strong indicator of market direction. 

The Brisbane CBD residential market has been starved of product in recent years, which has culminated in the recent success of the Sunland Group’s project in Alice Street ‘Abian’. According to market sources over 100 of 142 units have sold at Abian, achieving average sales rate of approximately $10,000/m2. 

“The success that Sunland have experienced at Alice Street shows that there is a significant appetite for quality residential apartments in the CBD, and 550 Queen Street provides the opportunity to leverage off the strong underlying demand and limited supply fundamentals that the Brisbane CBD residential apartment market is currently experiencing,” said Mr Turnbull.

The prime 1,530sqm site at 550 Queen Street is strategically located at the gateway to the CBD and with a unique Queen Street address, presents a great opportunity to create a landmark CBD tower.
Boasting three street frontages to Queen Street, Ann Street and Clark Lane, plus being surrounded by low scale buildings, provides significant view corridors of the CBD skyline, Story Bridge, Brisbane River, Mt Coo-tha and Moreton Bay Islands.

550 Queen Street has immediate proximity to Brisbane’s best retail amenity and transport including Central Railway Station, Riverside Ferry Terminal, Queen Street Mall, Eagle Street Pier and the proposed Howard Smith Wharves retail and dining precinct.

This property is for sale via formal Expressions of Interest campaign closing Thursday, 13 March 2014.