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Exceptional Coorparoo development site sells for over $10M
BOLTON CLARKE has purchased an exceptional development site, currently occupied by the Coorparoo RSL, in the affluent inner-Brisbane suburb for over $10,000,000^ at 20 Harries Road in Coorparoo.
The property commands a 2,693sq m* corner site with 105m* street frontage and is opposite Coorparoo Square, the $252 million mixed-use development recently completed by heavyweights Fraser Property Australia and Honeycombes Property Group.
The property was marketed and sold exclusively by Ray White Commercial Qld Director and Head of Investment Sales Tom Barr and Ray White Special Projects Qld Executive Director Matthew Fritzsche.
A concept image of what 20 Harries Road in Coorparoo could look like.
“The sale campaign attracted very strong interest with buyers, both local and interstate, private and institutional,” Mr Barr said.
“We received competitive bids from both investors and developers. The developers were primarily contemplating vertical retirement living/aged care and/or residential apartments on the site.
“With a short-term leaseback to the Coorparoo RSL, the asset is positioned to capitalise on the future growth and development within the Brisbane south-eastern corridor, in particular the recently completed $250 million* mixed-use Coorparoo Square development (opposite).”
“The site and location offered great development potential with a code accessible-height up to 16 storeys with upper levels to incorporate panoramic city views. The popular suburb is only 3km* to the Brisbane CBD and within walking distance to public transport,” Mr Fritzsche said.
“The upcoming Eastern Transitway really appealed with the project delivering targeted bus priority measures to improve safety, reliability, and capacity along Old Cleveland Road, from Coorparoo to Carindale.”
*Approximately.
^Including GST.
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