Pradella secure their next Brisbane apartment development
Queensland-based property developer Pradella has secured its next Brisbane apartment development site.
They've paid $6.1 million for a 1,083 sqm site in Toowong, opposite Toowong Memorial Park.
The corner site at 70 Sylvan Road is zoned for medium-density residential and has development potential for an eight-storey residential development.
The property is currently fully occupied by a mix of residential and office tenants on short-term leases.
There had been strong developer interest in the suburb, CBRE's Adelaide O’Brien and Will Carman said.
"The location has been a great success story for local and interstate developers who recognise its attraction to both the owner occupier and investor market,” O’Brien said.
“The property has the ability to generate a robust fully leased net annual income providing Pradella with secure earnings to strategise for future development.”
Toowong is located between Mount Coot-tha and the north bank of the Brisbane River and is surrounded by successful Brisbane developments by companies such as Mosaic, BPM and Consolidated Properties.