Vacant New Farm building block fetches $11.3 milion

A vacant New Farm block of land with one of the best views in Brisbane has fetched $11.3 million in a deal secured through Place Projects.

The site cost $255,000 some 32 years ago in 1986.

The Courier-Mail reports the buyer of 33 Moray Street is expected to build Brisbane’s most expensive family home on the site.

The property had been on the market for over a year.

It reflected about $10,000 through Place Projects agent Syd ­Walker.

The vacant block looks across the river towards the city skyline with views over the iconic Story Bridge. 

"This property has been on the watch list of countless developers over the years," the marketing said.

The 1,103sq m lot was sold by Jane Gibson, the widow of celebrated Brisbane architect Robin Gibson, who acquired the site in 1986 for just $200,000.

Gibson designed some of Brisbane’s most well-known civic buildings including the Queensland Cultural Centre at South Bank.