News release

Prime South Brisbane site changes hands for $11.5 million after 62 years

After 62 years, 176 Melbourne Street in South Brisbane has sold for $11.5 million following an Expression-of-Interest process that attracted both interstate and offshore developers.

May 12, 2021

BRISBANE, May 12, 2021 — JLL Queensland Head of Metropolitan Investments Elliott O’Shea and his fellow Director Tim Jones sold the site on behalf of local private vendors and longtime owners of the property.

“Situated on a 1,823sqm block in the centre of the city’s booming South Brisbane, 176 Melbourne Street represents one of the last remaining development opportunities in a highly sought-after market,” said JLL’s Elliott O’Shea.

“Given the site is zoned for development of up to 12 storeys, we were able to generate significant interest from a variety of development groups both local and offshore, who saw value in its proximity to key amenities and infrastructure, as well as the CBD,” he said.

The successful purchaser was Silverstone Developments.

Silverstone Developments Managing Director Troy Daffy said, “Fundamentally the purchase makes sense. It is 1,823sqm of land with over 1,400sqm of existing improvements in the heart of the tightly held Melbourne Street South Brisbane precinct.”

“The large land area coupled with dual frontages creates a unique opportunity. At this stage we are not fixed on our development strategy but given the great attributes of the property we are now exploring various options that will complement the area and add to Silverstone’s existing development pipeline.”

Mr O’Shea said the sale of 176 Melbourne Street was just the beginning of a wave of development site deals set to be announced in the area, with over $60m in sites currently under contract through JLL Metropolitan Investments in the precinct.

“There has been a significant uplift in site sales in the first half of 2021. The green shoots we saw in development markets late in 2020 have continued to play out, and the depth of the market including new entrants is really encouraging.”

“We are seeing exceptionally strong market conditions and some of the better sites in Brisbane are starting to be unlocked. We are excited about upcoming transaction announcements and new campaigns both in South Brisbane and more broadly the Brisbane fringe.”

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit