Spyre Group snaps up prime $7.2m New Farm site

Brisbane developer Spyre Group is preparing plans for a luxury terrace home project after securing a blue-chip development site in the riverside suburb of New Farm.Spyre Group secured the 2,259sqm site, at 55 Oxlade Drive, for $7.2 million in an unconditional deal due to settle in September 2016 and handled by Christian Sandstrom and Sam Byrne, of JLL.The company lodged a DA just before Christmas for a project that will include high-end terrace homes of two and three levels.Spyre Group general manager Andrew Malouf said the acquisition was prompted by the rarity of development sites in sought after riverfront suburbs.“This is a very unique development opportunity,” he said.“New Farm is tightly held and demand for residential stock far outstrips supply.“This particular site has uninterrupted river views as the bowls club in front of the river is heritage listed, and the site’s topography means it also gets a city skyline aspect from the rear.”Mr Sandstrom said the agency ran an extensive campaign locally, interstate and overseas culminating in a high volume of interest from small to medium sized developers looking to deliver a high quality, boutique residential project.“We had upwards of 70 inquiries and with the exception of a handful of parties the interest was from those looking to redevelop the site to luxury residential product,” he said.“Proximity to the New Farm dining precinct, river and CityCat make this area very livable and sought after which sparked a lot of interest.”Spyre Group is currently progressing with an $86 million waterfront apartment project, SOKO, at West End, where sales have reached 65 per cent since launching in July this year.Spyre Group director Daniel Laruccia said SOKO had resonated with local downsizers and young professionals and the strength of the Brisbane end-user market had encouraged the acceleration of plans for the New Farm project.He said he expected the terrace home format would appeal to local buyers and be completely owner-occupier focused.“It will give them the space and amenity of a house without the expense and maintenance obligations,” he said.“The median house price in New Farm is among the highest in inner-Brisbane so the terrace home model is comparatively affordable.“Location has been the driver of sales at SOKO and people are embracing apartment and terrace living in order to be in a premium location.”The Oxlade Drive site is currently occupied by a four-level commercial building occupied by Cerebral Palsy Queensland.