John Van Lieshout’s Unison Projects buys a Newstead site for an apartment and retail project

One of Queensland wealthiest men has joined a throng of investors and developers seeking a slice of an inner city development hotspot.

One of Queensland’s richest men has secured an inner city heritage building and adjoining car park in a precinct that has become a development hot spot.

Billionaire founder of Super Amart furniture John Van Lieshout’s private property investment and development company Unison Projects paid $5.7m for the 1821sq m site at 14 Maud Street, Newstead.

Ray White Commercial’s Tom Barr said the campaign generated more than 70 buyer inquiries from local and interstate developers and investors.

“It was an exceptional opportunity to purchase a residential development site which is DA approved for a striking nine-storey residential tower providing 52 apartments,” he said.

“The development stylishly integrates an existing 1012sq m heritage commercial/retail building (the former Federal Boot Factory) and the design provides a unique juxtaposition of the old and the new.”

Ray White Commercial’s Tom Barr at the old boot factory at 14 Maud Street, Newstead.

The site was previously purchased for $4.18 million in July 2017 by Aspire HP which secured the development approval.

Mr Barr said the location benefits from the new Newstead North Neighbourhood Plan which focuses on promoting economic development in the area by encouraging low impact and creative industries and targeted mixed-use growth.

“There is a lot happening down that part of Newstead,” he said.

Over the past few years leading car retailer AP Eagers has sold much of its assets in the area to developers.

In 2019 the Seymour Group paid $61m for an AP Eagers property at 99 Breakfast Creek Road in the same year investment manager Marquette Properties and partners paid $55.5m for three of the car retailer’s assets in the same area.

Industry sources say a subsidiary of AP Eagers has sold a vacant site at 166-180 Breakfast Creek Road between the near new Bunnings and the Mercedes-Benz Lifestyle Precinct to Leishman Properties.

Leishman Properties has placed a development application with the Brisbane City Council for an eight-storey project comprising offices, a ground floor retail arcade, childcare centre, day spa, healthcare service and gym.

An artist's impression of Unison Project's boutique development at 14 Maud Street, Newstead.

Mr Barr said Newstead was undergoing a rejuvenation which demanded more apartment projects for young professionals and downsizers.

“The Maud Street offering provided an excellent opportunity to capitalise on a market with diminishing forecast unit supply and sat in one of Brisbane’s most exciting precincts underpinned by strong fundamentals and demographics,” he said.

Mr van Leishout, a Dutch immigrant, was ranked the 45th wealthiest person in the country in The Australia’s recent Richest 250 list.

His wealth was estimated at $2.45bn and stems from the furniture chain Super A Mart, which he started in the 1970s before selling to private equity for $500m in 2006. He kept the freehold to many of the stores.