Sarazin spends $60m buying up sites in a small light industrial pocket in Woolloongabba

A luxury apartment developer has forked out for the $60m buying sites in Wooloongabba, with plans for towers that will be home to thousands.

A small inner Brisbane pocket that for years has been a light industry hub is set to become home for thousands of new residents with a national property developer spending more than $60m on development sites there in the past six months.

Sydney-based luxury apartment developer Sarazin now controls almost 1.4ha on a 100m plus stretch of Wellington Rd, between Overend and Hampton streets, in Woolloongabba.

Savills’ Daniel Pepper said the pocket will undergo a substantial transformation and “reshape the skyline of the area”.

Sarazin did not return emails but now controls a 2729sq m land parcel, which comprises lots at 14-18 Wellington Rd and an adjoining site at 25 Nile Rd, Woolloongabba.

The company also controls a 8576sq m site at 15-21 Wellington Rd which backs on to 33 Hampton St and another site across the street at 6-10 Wellington Rd, and a 2673sq m corner site at 31-33 Wellington Rd.

Sydney developer Sarazin has paid more than $60m for sites in a small pocket of Wellington Rd, Woolloongabba.

Sarazin has submitted a DA for of two 20-storey residential towers to be called Nuage at 6-18 Wellington Rd.

The towers will comprise 368 apartments, with the ground floors of each building featuring space for seven retail tenancies.

Chase Commercial’s Rod Brown, who struck the deal 15-21 Wellington Rd and 6-10 Wellington Rd the pocket will change dramatically.

“The gentrification process in the Gabba is well and truly in motion, with strategic purchases taking place monthly, while the old school industrial users are rapidly being relocated to more appropriately zones sites,” he said.

“The mega apartment projects are back. It’s simple supply and demand. There is a rental crisis and people need to live somewhere. This area is highly sought with the Olympics and associated infrastructure.”

The property at 31-33 Wellington Rd was sold with approval for an 18-storey 181-unit tower.

Cusman & Wakefield’s Andrew Gard, who sold the property said Sarazin were the logical buyer.

“They have been active in the area and they really understand the transformational future that is highly anticipated for the precinct,” he said.

“Sarazin liked the fact that it had development approval and I believe they will get into it pretty quickly.”