A Toowong commercial office building sold with development approval for more than 100 units has been sold for $10.72 million. Sam Biggins and Brendan Hogan of Colliers facilitated the sale of 56-58 Sylvan Road sold on behalf of WINIM Funds Management.

With Toowong accounting for only 4% of proposed new apartment supply, Azure Developments identified the north-facing 2,661sqm site as highly desirable for apartment development and purchased the asset with vacant possession.

The building has existing development approval for a 117-unit residential project however the purchaser will likely re-configure the scheme to a lower yield with larger unit sizes.

“We experienced a strong depth of offers from both commercial value-add players looking to refurbish the asset, as well as residential developers looking to build on the site,” said Sam Biggins, Director, Investment Services at Colliers.

“56-58 Sylvan Road was highly sought after, given its northerly, park-facing aspect and location within the tightly held Toowong precinct.”

Brendan Hogan, Director, Development Sites at Colliers said, “We are currently receiving strong levels of enquiry developers both locally and interstate.”

“Assets with strong underlying development fundamentals are being highly sought after and it’s not uncommon to have multiple bids put forwards at the close of the EOI campaign.”

56-58 Sylvan Road is north facing, overlooking the Wests Rugby Union precinct and park. The site is in close proximity to the Toowong CBD, Wesley Medical Precinct, Regatta and CityCat Terminal. 

To request a sales analysis please email either of the Colliers selling agents via the below contact forms.