A 7-hectare infill residential development site in Brisbane's Darra has been purchased by an offshore investor. Huon Property Group, a subsidiary of Singapore-based RunningStream Group, has acquired the site for $20 million. The location is situated 16 kilometres southwest of the Brisbane CBD.
Residential Community Coming to Darra
Subject to further council approval, the developer intends to create a multi-staged community on the property. The site currently carries zoning for low-medium density residential development and features approximately 6.5 hectares of developable land.
The property, located at 242 Englefield Road in Darra, represents a surplus portion of the Connectwest Industrial Park being developed for a Charter Hall managed partnership by Commercial & Industrial Property Pty Ltd.
Chairman Dan Toh commented on the acquisition: “The RunningStream Group has over a decade of investment experience in Australia – a valuable destination which Huon is able to capitalise on to deliver responsible and relevant projects for the local community.”
The property marketing campaign attracted significant interest, with Brendan Hogan of Colliers International noting “174 enquiries” and “20 offers from a range of private and public groups, based both locally and offshore.”
Ray White's Tony Williams emphasised the rarity of acquiring a 7-hectare vacant residential site within Brisbane's local government area, particularly given its proximity to shopping, educational, community, transport, and recreational facilities.
