According to The Australian Financial Review today, wealthy property developer Ross Nielson's Nielson Properties is selling a Brisbane waterfront development site called The Quay with expectations it could fetch about $60 million.
A scheme of twin towers with a total project value of up to $750 million has been drawn up for the 2961 square metre site overlooking the Brisbane River, but approvals have yet to be received.
Mr Nielson said "It's a project that is not planned for the current cycle but the future," he said. "In the meantime it can generate substantial holding income from the existing buildings."
The existing property delivers a holding net income of $1.72 million a year.
"We are selling preferably 50 per cent but will also sell 100 per cent," Mr Nielson said. "Ideally we are looking for somebody to partner with given the magnitude of 'The Quay'.
Last year Mr Nielson sold a 13-storey, B-grade office building at 420 George Street nearly 90 per cent empty for $20 million.
The northern end of Brisbane's CBD will see major changes over the next five years, chief among them being the redevelopment of the waterfront resort and casino precinct known as Queens Wharf. Adjacent to Queens Wharf is the $1 billion Brisbane Quarter.
Further north there are plans for a redevelopment of the Brisbane Transit Centre with the world's largest entertainment venue operator, AEG, seeking to transform a site into "Brisbane Live" – a $2 billion ultra-entertainment precinct.
The proposed "Brisbane Live" would be of a similar scale and calibre to New York's Madison Square Garden and Melbourne's Federation Square.
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