Pradella secure their next Brisbane apartment development

There had been strong developer interest in the suburb, CBRE's Adelaide O’Brien and Will Carman said
Pradella secure their next Brisbane apartment development
Joel Robinson December 12, 2023SITE ACQUISITION

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.

Joel Robinson

Joel Robinson is the Editor in Chief at Urban.com.au, managing Urban's editorial team and creating the largest news cycle for the off the plan property market in the country. Joel has been writing about residential real estate for nearly a decade, following a degree in Business Management with a major in Journalism at Leeds Beckett University in England. He specializes in off the plan apartments, and has a particular interest in the development application process for new projects.

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