Skyhold settle on Balmoral site for $150 million new apartment development
Brisbane developer Skyhold has settled on its prime Balmoral site where it will soon be launching a new $150 million apartment development.
Skyhold's Zhen Chen bought 91 Lytton Road, Balmoral, a 23,265 sqm site, for $27.5 million three years ago, with settlement just occurring.
Last year Skyhold submitted plans to the Brisbane City Council for four medium-density buildings that were recently approved. There will be mix of two and three-bedroom apartments and penthouses, as well as 14 townhouses.
“Skyhold is excited to be launching our next signature project within the upmarket Bulimba/Balmoral catchment," Zhen Chen said.
"Opportunities of this scale within the inner city are almost non-existent and our vision for the site aligns with this once-in-a-generation opportunity.
“Our vision, designed by internationally celebrated architect Fender Katsalidis responds to current market demands, resulting in generous private open space alongside intergenerational communal recreation opportunities. The development offers housing diversity for housing entrants as well as
right-sizers within the area."
Knight Frank's Blake Goddard, who sold the site, said it was sought after during the sales campaign.
“During the campaign we had strong interest in the property, with over 120 enquiries from a range of buyers attracted to the uniquely large parcel of land with multiple favourable development outcomes," Goddard said.
“The site lies within one of Brisbane’s most popular and prestigious residential locations, Balmoral, a suburb that has ideal neighbourhood amenity and close proximity to the Brisbane River, less than four kilometres from the CBD.
“A residential development on the site will benefit from the strong demand to live in the area and the high surrounding residential dwelling price."
Fender Katsilidis, who designed the project, said in the Urban Context Report as part of the project submission that their vision is to repurpose an under-utilised site into a vibrant, medium-density residential precinct optimising its existing natural landscape and bring greenery across the precinct and into the residences spread across the site.