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IT was once home to a Brisbane socialite and a porn king - but now Brisbane's iconic Pink Palace property is set to receive a makeover following an $11 million purchase of the St Lucia mansion by developer Sunland Group.
Sunland has acquired the prime 6300sqm site, with plans to build a boutique luxury housing development of 28 residences worth more than $45 million.
Known as the Pink Palace, the St Lucia property was previously home to porn king Greg Lasrado and most recently was home to Brisbane socialite, property developer and investor Cindy Fleming who passed away suddenly last year.
The transaction represents Sunland's third residential site acquisition in Brisbane, where the group relocated its national headquarters in 2014 from the Gold Coast.
Sunland managing director Sahba Abedian says the St Lucia purchase will mark the group's entry into Brisbane's luxury residential housing market and is a strategic site acquisition.
"The acquisition demonstrates our continuing confidence in the Brisbane market and the capacity for boutique luxury housing developments to be delivered alongside our multi-storey portfolio," he says.
The site is located at 276 Swan Road and Sunland is expecting to lodge a development application by September.
Sunland's other Brisbane developments include the Abian residential tower at the entrance of the Botanic Gardens in the Brisbane CBD and the proposed Grace on Coronation development in Toowoong. Abian is 95 per cent sold and under construction.
Sunland's national portfolio compromises more than 7800 residential housing, urban development and multi-storey products along Australia's eastern seaboard with an estimated end value of $4.3 billion.
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