A prime riverfront site in West End has been sold for just under $50 million, marking a significant price drop from the $82.5 million it fetched in 2014.
Read: Scaled-Back Plans Revealed for Controversial West End Riverfront Site
The property, located at 25 Donkin Street and 3-9 Buchanan Street in West End, was acquired by Melbourne-based developer ICD Property.
Currently home to Riverside Corporate Park, the site features three low-rise commercial buildings occupied by a moving and storage service company, a clothing store, and an agile parking business.
ICD Property has not yet announced its plans for the prime riverfront site, but previous approvals envisioned a mixed-use development comprising seven buildings with around 1,000 apartments, a retail plaza, and a riverside walkway.
The property was marketed for its potential to yield up to 1,128 residential units, drawing significant interest during a competitive expressions of interest process.
“This truly is an opportunity to seize and be part of this one of Brisbane’s largest residential developments with the prospect to create a city shaping project in one of Australia’s fastest growing capital cities,” the listing says.
“This extraordinary 16,823sqm* riverfront opportunity is a project poised to redefine Brisbane inner city living and create a vibrant, modern and connected community for years to come.”
Read: West End Fixer-Upper Fetches $2.36 Million at Auction
The acquisition aligns with ICD’s strategy of undertaking large-scale redevelopment projects through joint ventures, much like their Sydney CBD project, Sydney House, in collaboration with Singapore-listed First Sponsor.
West End’s vibrant culture, riverside location, and close proximity to Brisbane’s CBD make the site a highly desirable location. The neighbourhood eagerly awaits details of the developer’s plans, with the potential for a transformative project that could become a local landmark in West End.
Published 30-January-2025
