Savills successfully market Toowong property with development approval

A private investor has purchased a Toowong property in Brisbane’s inner suburbs for $1.46 million.

Exclusive marketing agent Will Carman of Savills negotiated the deal of the Toowong property, located at 104 Sherwood Road.

Set on 809 sqm, the property has an existing Development Approval in place.

The existing DA allows the property to be developed with a total approved floor area of 1,157 sqm over three storeys.

However, Executive of Commercial Sales Will Carman said the buyer has plans to obtain a new Development Approval to build six town homes over three levels.

Mr Carman said, “This move by the buyer shows the strength that we are seeing within the detached dwelling market, rather than units"

The sales campaign attracted a high level of interest, with 154 interested parties identified, and seven formal offers received.

The property is located approximately 4 km from the Brisbane CBD, close to the thriving local commercial and shopping precincts.

“Toowong is a highly sought after suburb within the Inner West, as it provides great access to retail amenity and the nearby university,” Mr Carman added.