Coorparoo development site hits the market
A development site, currently occupied by the Coorparoo RSL in the affluent Brisbane suburb hits the market.
The property at 20 Harries Road commands a 2,693sq m corner site with 105m street frontage, and is opposite Coorparoo Square.
The $252 million mixed-use development has recently completed by heavyweights Fraser Property Australia and Honeycombes Property Group.
The property is being marketed for sale by Ray White Commercial Qld Director and Head of Investment Sales Tom Barr and Ray White Special Projects Qld Executive Director Matthew Fritzsche.
“The site and location offer fantastic development potential with a code accessible height up to 16 storeys, with upper levels to incorporate panoramic city views,” Mr Barr said.
“Potential development opportunities include vertical retirement living/aged care, residential apartments, build-to-rent, student accommodation, medical, commercial, and retail (STCA).”
“A real drawcard is the potential for a short-term leaseback from the Coorparoo RSL post settlement, which would provide some additional holding income for the purchaser (likely a developer), whilst finalising their development scheme, obtaining town planning approval, and de-risking the project.
"This would also give the Coorparoo RSL time to acquire another property and get their new facility ready for occupation.”
“The upcoming Eastern Transitway will also really appeal with the project delivering targeted bus priority measures to improve safety, reliability and capacity along Old Cleveland Road, from Coorparoo to Carindale,” Mr Fritzsche said.
The popular suburb is only 3km to the Brisbane CBD and is within walking distance to public transport.
Expressions of interest close on October 14.
