A 16.22 hectare industrial property in the Brisbane suburb of Runcorn is set to be transformed into a mixed-use precinct after being acquired for $26 million.
The site, previously owned by global engineering business Bradken, is presently zoned as an industrial block but is uniquely positioned and surrounded by residential dwellings and open park spaces.
According to The Courier Mail, the Chinese-backed developer that scooped up the land intends to redevelop the site at 54A & 32 Bonemill Road into a new mixed-use site dubbed 'The Foundry', subject to council approvals.
According to the agents that facilitated the sale Knight Frank, the site offers potential for a mixed-use development including retail, commercial, residential, entertainment and medical uses.
Christian Sandstrom of Knight Frank says the agents received significant interest in the property because of its redevelopment potential.
"Interest in the site had been very strong even prior to the sale campaign, with both local and offshore buyers eyeing off the site for many years, with the intention of converting it from its current industrial use into a mixed-use development," says Sandstrom.
"It was a rare opportunity, being one of the last few remaining large brownfield sites close to public transport in Brisbane."
Pictured: the site as it is now. Top: an artist's impression of the site post-redevelopment
Mark Clifford of Knight Frank says the land is in a great location in a high-growth region of Brisbane, opposite the Runcorn train station and overlooking Runcorn's sports precinct.
"A future redevelopment of the site will provide more housing, employment and facilities for residents of Brisbane's south, while transforming Runcorn into a modern cosmopolitan hub," says Clifford.
The site is easily accessed via a number of major arterial road networks including the M1, Gateway arterial and Logan Motorway.
Connectivity to the site is only going to get better too once the Cross River Rail project is completed in 2024.
Business News Australia
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support