QM Properties has purchased a 1,242 square metre riverfront site in St Lucia for $8.5 million with the intention of developing a boutique luxury apartment project.

Colliers International Residential Director Brendan Hogan handled the off-market Expressions of Interest campaign to sell 160 Macquarie Street on behalf of a private owner and secured an unconditional offer from QM Properties. 

“QM Properties has emerged as the buyer of an absolute riverfront parcel of land in the prestigious inner west suburb of St Lucia,” Mr Hogan said.

At a glance:

• Colliers International announce sale of 1,242 square metre riverfront site in St Lucia for $8.5 million to QM Properties, equating to about $6843 per square metre.
• Colliers International Residential Director Brendan Hogan handled the off-market Expressions of Interest for 160 Macquarie Street.
• A boutique apartment project is planned for the site.

“The property has a development approval which QM Properties have amended to provide a boutique luxury apartment project comprising just 34 luxury three bedroom apartments.” 

Based in Brisbane, QM Properties is a private development company with a portfolio that includes residential, commercial, industrial and leisure developments, many of which are in South East Queensland. 

Development Manager Glenn Rix said they saw an opportunity to secure a unique, north facing riverfront site in a prestigious location with limited new supply.

“The acquisition of this property is in line with our strategy to focus on quality, boutique, owner occupier product in unique, inner city locations," he said. 

“After settling on the property, we saw an opportunity to modify the existing development approval to provide a greater variety of product and price points that will appeal to a wider market segment.

“We are excited about this project and anticipate launching it to the market in the second half of 2019."

Source: Colliers International

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