Two well-exposed side-by-side properties in Brisbane’s inner city with development potential have sold in an off-market deal for $6.4 million.

The adjoining properties at 53 & 59 High Street in Toowong, located just four kilometres from the Brisbane CBD, sit on separate titles and occupy a site totalling 1,027sq m, which includes seven car parks.

59 High Street is a strip-retail building occupied by sole tenant HX Asian Supermarket with a total site area of 420sq m.

The adjoining 53 High Street is a heritage-style two-story retail/office building occupied by KC Dry Cleaning with a total site area of 607sq m.

The two properties are accessed via a central driveway on High Street, and have 35 metres of frontage to the busy main road of inner city Toowong.

The off-market sale of the properties to a local investor/developer, Toowong Central Investment Holding Pty Ltd, was negotiated by Christian Sandstrom of Knight Frank on behalf of the vendor, Chehade Investments Pty Ltd.

Mr Sandstrom said the transaction reflected a sale rate of $6,232/sqm on land area.

“The sale demonstrates the strong demand for quality properties in the inner western corridor of Brisbane, particularly where there is an opportunity for future development potential,” he said.

“Under the relevant town planning provisions, a maximum of five storeys can be developed on the site.

“With increasing demand for mixed-use projects in Toowong, these properties have potential for several development outcomes under its current neighbourhood plan.

“It represented an opportunity for the purchaser to capitalise on a property within one of Brisbane’s premier development corridors, while boasting a strong holding income.”

Mr Sandstrom said the sale was also evidence of Toowong’s popularity as a true mixed-use neighbourhood village, given its proximity to major retail and commercial centres including Toowong Village and the Brisbane CBD.

“Within Toowong, this site had the benefit of being located on the main thoroughfare of High Street, giving it good exposure to passing traffic, as well as allowing for easy access to Coronation Drive and surrounding arterial roads,” he said.

“Over the last three years I have negotiated over $145 million in transactions within the immediate precinct.”

The transaction comes following the sale of The Aviary development on the former Woolworths site last year, which neighbours 53-59 High Street, and was sold by Christian Sandstrom and Justin Bond of Knight Frank for $53 million to a local Asian-based developer.

Related Reading:

Development site for sale in heart of one of SEQ’s biggest growth areas - Knight Frank  | The ASEAN Developer

Brisbane inner east development site for sale - Knight Frank  | Commo.

Prime Kogarah mixed-use development site for sale by auction - Knight Frank | The ASEAN Developer