Billionaire John Van Leishout paid $8.2m for a Herston parcel of land for a new development

A billionaire who is one of southeast Queensland’s busiest property players has paid $8.2m for an inner city site set to be redeveloped into 22 terrace homes.

A property company owned by a Queensland billionaire has snapped up a rare inner city site near the CBD which has approval for the construction of a terrace residential development.

Unison Projects, owned by the founder of Super Amart John Van Leishout, paid $8.2m for the 5623sq m parcel of land over three titles at 40, 42 and 46 Fleming Rd, Herston.

The property has approval for 22 freehold terrace homes while the three homes on the site are expected to be extensively refurbished by Unison.

The 20-room student accommodation building on the will make way for the development.

An aerial of the parcel of land at 40, 42 and 46 Fleming Rd, Herston that Unison Projects bought.

Ray White Special Projects’ Mark Creevey, who struck the deal with Tony Williams and Matthew Fritzsche, said the level of response to the offering was very strong, with 134 inquiries.

“There was very strong interest from a range of small, medium and large developers, both locally and interstate,” he said.

“Sites like this are rare being so close to the CBD and particularly with the advantage of the existing approval and the range of other possible uses given the medium density zoning.”

The site was sold with an existing holding income of $237,900.

According to CoreLogic the property last changed hands in 2011 for $4.62m.

Ray White Special Projects’ Mark Creevey at 46 Fleming Rd, Herston, that was part of a parcel of land sold to Unison Projects.

Mr Williams said that the main attraction of the opportunity was the scale, holding income,

and proximity to local amenities such as the Royal Brisbane and Womens’ Hospital.

“The groups interested were considering a number of different options for development;

using the existing DA for 22 freehold terraces, obtaining a new DA for small lot

subdivision, or an alternate use for residential aged care in line with a concept scheme

prepared, given its proximity to the hospital,” he said.