Keylin Group paid $18.6m for a large land near the Indooroopilly shopping centre

A land parcel development site deal that was 15 years in the making in Brisbane’s western corridor has been earmarked for a mixed use development including Build-to-Rent apartments.

A PRIVATE developer has added to their multimillion dollar pipeline of projects with the purchase of a large land parcel in the heart of a retail precinct in Brisbane’s western corridor.

The milestone transaction was 15 years in the making and Keylin Group paid $18.6m for the 5385sq m Indooroopilly aggregation in a deal which involved 11 contracts over 17 dwellings.

Just 7km from the CBD the site features three street frontages and potential developments include apartments, office and retail being just 80m from the Indooroopilly Shopping centre and 170m from the train station.

Keylin managing director Louis Cheung said the land parcel was “very special and incredibly rare”.

“The size and location of the site allows the development of an integrated mixed-use project, incorporating residential with world-class rooftop amenity to enjoy the river views to the south, commercial office accommodation, and ground floor dining,” he said.

“A portion of residences will be dedicated to Build-to-Rent, recognising the strong demand for quality rental accommodation close key transport nodes, Indooroopilly Shopping Centre and leading state and private schools.”

Keylin’s current development portfolio includes the $140m ORIA Spring Hill residential high-rise on Gregory Terrace; the Serenity 4212 master planned community in Helensvale; and the Coomera Town Centre South precinct, which is currently in the planning phase.

Keylin has also teamed up with Accor to deliver Queensland’s first Movenpick Hotel in Spring Hill.

Renders of Oria Spring Hill, Keylin Group’s a new art deco residential tower.

Mr Cheung said that by buying the Indooroopilly aggregation in one-line, that was amalgamated over 15 years, they could achieve an enhanced outcome that focuses on integrating leading architecture, extensive landscaping, and complementary uses.

The aggregation is zoned Mixed Use and Medium Density Residential and Mr Cheung said they will undertake a considered and measured approach to planning for the site.

The site was marketed by Knight Frank’s Christian Sandstrom and Blake Goddard and comprises 17 dwellings an tenancies at 10 Riverview Tce, 12 Foxton St and 30, 40 and 44 Station Rd.

The properties are currently apartments, office and mixed use assets.

Mr Sandstrom said the sale campaign resulted in multiple offers for the property with strong demand from a wide range of buyers.

“The amalgamated holding presented one of the largest available land holdings with multiple

development outcomes in Brisbane’s western corridor and attracted local and national interest,” he said.

“The sale is well timed to capitalise on the strong level of demand and continued uplift in property values in Brisbane and provides an income from the existing commercial and retail tenants.”