By Nicholas McElroy
A 20-hectare army barracks a few kilometres from Brisbane's CBD has sold to a developer with links to Taiwan.
The sale of the of the Bulimba Barracks to developer Shayher Group could lead to 855 new residences on the land backing onto the Brisbane River.
Proceeds from the sale of the Bulimba Barracks, which sits by the Brisbane River, will be reinvested back into defence.Credit: Bradley Kanaris
Defence Minister Linda Reynolds said it was a step in releasing Commonwealth-owned land for other uses, including to increase housing supply.
In a statement, Ms Reynolds said the developer had demonstrated a capacity to develop, remediate and protect the heritage values of the property.
Federal Housing Minister Michael Sukkar said the land would be put to alternative uses.
"The sale of Bulimba Barracks will increase housing supply in Brisbane," he said.
He said the Brisbane City Council's Bulimba Barracks master plan estimated a potential development outcome of about 855 residences of a range of housing types.
Settlement of the property is expected in early 2020. Proceeds from the sale will be reinvested into defence.
Defence will keep a 2.5-hectare portion of the site.
AAP