QLD Government buys 1.28ha former ‘Gabba car yard for ‘future transport needs’

The Queensland Government has spent more than $40 million on a 1.28ha former car yard in the heart of the ‘Olympic precinct’.

THE State Government has snapped up a former car yard in the Olympic precinct which will cater for “future transport needs”.

The Government is part of a multimillion dollar wave of buyers keen to secure sites in the heart of the 2032 Olympic Games and a Transport and Main Roads (TMR) spokesman confirmed that they had settled on the purchase of a 1.28ha former car yard at 73 Ipswich Rd, Woolloongabba. Industry sources say the purchase price was just over $40m.

The site was one of the largest privately-owned properties in the area and marketed as “one of the most significant development opportunities” to have hit the market in the last few years.

It was on the market about eight years ago and been under contract a number of times since.

An aerial of 73 Ipswich Rd, Woolloongabba.

The TMR spokesman said because of the rapid pace of development and the upcoming changes earmarked for the suburb which encompasses the Olympic precinct they continued to plan for “future transport needs”.

“The land provides an opportunity to progress several important transport and infrastructure planning activities to accommodate future needs within the wider Woolloongabba precinct,” he said.

The property was marketed by Knight Frank’s Blake Goddard, Christian Sandstrom and Matt Barker in conjunction with Nathan Moore of Ray White Commercial Bayside on behalf of Barton Holdings Pty Ltd. The agents refused to comment on the new owner or the transaction.

The site was largely cleared, but is still occupied by three buildings totalling 3531sq m of net lettable area.