$120m industrial site set to become Brisbane ‘legacy project’

One of the last massive riverfront sites in Brisbane is about to hit the market and is set to attract offers north of $120m from developers worldwide.

This 1.76ha site on the Brisbane River at 17 Skyring Tce is about to hit the market. Image supplied by JLL.

The 1.76ha site at 17 Skyring Tce, Teneriffe, will be offered for sale in the coming weeks after nearly four decades of operation as a family business.

Riverside Coal Transport Company chair Hume Campbell. Picture: Renae Droop.

Riverside Coal Transport Company chair Hume Campbell said the decision to sell came as the business looked to plan for the future.

“17 Skyring Terrace has been with our company since 1985 and the time has come for the business to divest the site as we look to invest in the future growth of the company,” Mr Campbell said.

An aerial image of the site at 17 Skyring Tce, Teneriffe, which will soon hit the market. Image: CoreLogic/RP Data.

Elliott O’Shea of JLL, who will be marketing the property with Seb Turnbull, said it had the potential to be a “legacy project” given its location and sheer scale.

“It’s the last north-facing site of this scale left in Brisbane,” Mr O’Shea said.

“It’s in Brisbane’s most expensive postcode, you’ve got over 200m of frontage to the river, and the opportunity to finish the riverwalk project and complete that missing link between Teneriffe and Newstead.”

Teneriffe is Brisbane’s most expensive suburb, with lots of apartments lining the riverfront. Picture: AAP/David Clark.

Mr O’Shea said the site, with a 210m river frontage, was zoned mixed-use, but given its location, surrounded by luxury apartments, it was likely to attract interest from residential developers — both locally and internationally.

“We do think it’s something that will atract domestic and international interest, and we expect the majority of the who’s who in the development world to be looking at it, particularly with the performance of Brisbane and Queensland’s residential markets and the scope for growth over the next 10 years in the lead-up to the Olympic Games.

“This is an irreplaceable piece of real estate and truly the most prime development offering in recent memory.”

An artist’s impression of a development proposed for the site at 17 Skyring Tce, Teneriffe, in 2016.

The company lodged a DA in 2016 for a masterplanned riverside precinct to be developed on the site, but the plans did not go ahead.

The proposal was to transform the site into a public riverside park with a pool and marina, alongside luxury residential towers, cafes, and shops.