Sunland Group has purchased a Toowong heritage property adjoining its apartment project on the ABC site, The Courier-Mail has reported, marking a further transaction toward its Grace on Coronation development.
Sunland purchased the historic property at 20 Archer Street for $3.25 million, with Sunland Group Managing Director Sahba Abedian confirming the Group has acquired an adjoining property to its Grace on Coronation development in Toowong.
The heritage listed property has existing development approval for a premium boutique apartment project which retains the existing heritage residence.
“We saw this as a strategic opportunity to expand our riverfront land holding in Toowong,” Mr Abedian site.
Mr Abedian said the proposed Grace on Coronation development was approved by Brisbane City Council in June 2015 and remains before the Planning and Environment Court following an objection from a neighbouring property.