Secret sale: Brisbane developer behind $15m riverfront site buy
A riverfront property in one of Brisbane’s best streets has sold for $15m to a consortium, including a well-known local developer.
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A RIVERFRONT property in one of Brisbane’s best streets has sold for $15m to a consortium of buyers, including a well-known local developer.
The 1300 sqm site in New Farm’s prestigious and tightly-held Oxlade Drive has changed hands for the first time in nearly three decades, and follows a number of significant residential sales on the Brisbane River in a matter of months.
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Ivo Kornel of SixtyFour Property negotiated the off-market sale of the property at 18 Oxlade Drive, but refused to disclose any details when contacted for comment.
Records show the site was purchased by a private company, made up of a number of buyers, including local businessman, Scott Nicholas, and Cavcorp managing director Damien Cavallucci.
The consortium plans to subdivide the site, refurbish the existing riverside house, and build a second luxury home on the Oxlade Drive side.
Mr Cavallucci said he had a number of parties who had enquired about his Teneriffe and Newstead penthouses who were interested in New Farm homes in the prestigious Oxlade Drive location.
Records show the property was previously owned by Francis and Agnes Chaw, who operate a food packaging company called Wong Lee.
They paid only $950,000 for the property in 1994.
It shows the confidence among Brisbane developers in the value of riverfront land.
Veteran property developer Kevin Seymour is behind the luxury apartment buildings, ‘The Oxlade’ and ‘The Peninsula’, which are under construction a few doors down.
The penthouse in ‘The Peninsula’ at 70 Oxlade Drive has just hit the market with a circa $13m price tag with Sarah Hackett of Place Estate Agents.
“The Peninsula will set a new standard for Brisbane penthouse living,” Mrs Hackett said.
“The home is complete with its own private pool, access to the high-end facilities on offer including a health and wellness centre, rooftop kitchen terrace.
“This is just one of 26 apartments in The Peninsula, where 100 per cent of the buyers have so far been owner occupiers, which is a testament to the quality and lifestyle on offer.”
Brisbane developer Craig Purdy also recently bought in Oxlade Drive, paying $5.52m at a Ray White auction for a three-bedroom, three-bathroom house on 405 sqm.
And coffee king Dean Merlo is a close neighbour, having paid $8m for a home in Oxlade Drive in 2020.
The penthouse in another apartment building under construction by Azure Development Group at 156 Oxlade Drive sold off-the-plan for $11.3m.
A few streets away in Julius St, Graya managing director Rob Gray recently paid $8.5m for a riverfront property to knock down and rebuild as his own home.
Cavcorp is about to launch three exclusive sub-penthouses in its new ‘Luminare’ residential tower in Newstead.
Prices will range from $4.8m to $6m for the luxury apartments, which will feature four bedrooms, two living rooms, a walk-in wardrobe and dressing room, a commercial grade kitchen, and accommodation for up to four cars.
Mr Cavallucci recently sold the main penthouse in the building for $12.95m.
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