The Shayher Group has exchanged contracts to buy the historic Bulimba Barracks site
An international developer has exchanged contracts with the Defence Department to buy Brisbane’s largest riverside development site in decades.
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A TAIWANESE backed developer will buy the historic Bulimba Barracks in what is believed to be the largest Brisbane riverside development site deal in decades.
The Shayher Group, which is behind the development of the Brisbane Quarter in the CBD and has a pipeline of residential projects in the city, was revealed by the Defence Department today as the new owner.
Department of Defence aims to sell Bulimba Barracks development land by the end of the year
Defence Department knocks back State Government offer to buy Bulimba Barracks site
In a statement the Defence Department said it has entered into a contract with Shayher Group for the sale of the 20ha Bulimba Barracks site which the Brisbane City Council’s masterplan estimate’s the potential development outcome of about 855 residences, including a range of housing types.
Minister for Defence Linda Reynolds said the sale marks a significant step in the Government’s commitment to unlocking surplus Commonwealth land for alternative uses, including housing.
“Shayher Group is an Australian developer with a record of delivering redevelopments in Brisbane and Melbourne,” Minister Reynolds said.
“They have demonstrated capacity to develop, remediate and protect the heritage values of the property, recognising the development must adhere to state and local planning, environmental and heritage requirements”.
Last year the Defence Department appointed Knight Frank to sell the surplus land after the Federal Government announced in 2015 it intended divest the asset at 25-39 Apollo Rd.
The government will retain the HMAS Moreton site for Navy personnel, Reserves and Cadets.
Minister for Housing Michael Sukkar said the contract decision follows a competitive open market sale process in accordance with the Commonwealth Property Disposal Policy.
“The Commonwealth Property Disposal Policy delivers on the Government’s commitment to ensure surplus land holdings are put to better use,” he said.
“We are also increasing housing supply and leading by example in accelerating the divestment of surplus Commonwealth land for housing projects.”
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The indigenous and historic heritage values of Bulimba Barracks will continue to be protected following the sale of the property in accordance with the local and state heritage protection legislation.
Defence anticipates settlement of the property in early 2020.
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