Site sale paves the way for $1 billion Toowong Town Centre
Brisbane's Toowong is set for a new $1 billion town centre after a prime development site was snapped up for $53 million.
The 9,000 sqm development site, on the corner of Sherwood Road and High Street, was slated to home Aviary Toowong, but the current construction crisis in Queensland meant State Development Corporation and partner RW Capital offloaded the site, to a Brisbane investment company.
They intend on undertaking a joint venture with the adjoining site owner to integrate the two properties and create a $1 billion retail, office, and residential development over a combined 1.3 hectares.
The proposed new Toowong Town Centre will not only create a new town centre in the heart of Toowong, but will add significant community benefits to the precinct and the western corridor.
Ross McKinnon, MD of State Development Corporation, said the sale of the land enables RW Capital to deliver a return to its investors after many months of uncertainty.
"We are delighted that the purchaser will look to develop the property,” McKinnon said.
“Since launching the development in 2020, we have received overwhelming support from council, local residents and retail tenants, and we have no doubt that once built, the project will provide fantastic amenity to the Toowong community."
Christian Sandstrom of Knight Frank originally sold the site to State Development Corporation and introduced the new purchaser in the recent sale.
“This property is in a prime site in the heart of Toowong, and will follow other recent developments including the Monarch development on the old ABC site and Mosaic developments on Sylvan Road and Archer Street.”
The sale was completed in conjunction with Ian Heatherington from Ray White.