Consolidated Properties Group has agreed to acquire the last remaining absolute riverfront development site in Brisbane’s blue-chip Newstead, unveiling plans to develop a landmark inner northern residential project that CPG says will be a signature building for the river city.

CPG has paid $64.5 million for the 9,368sqm site at 47 Skyring Terrace in an off-market deal from vendor Mirvac Group. The site is situated just 1.5 kilometres from the CBD and within walking distance to some of Brisbane’s best-known dining and retail destinations, including Gasworks and James Street.

The site features 47 metres of direct river frontage within one of the city’s most tightly held precincts. Zoned for Mixed Use, it has potential for up to 42,000sqm total floor space and a maximum building height of 25 storeys under the Brisbane City Plan.

CPG plans to lodge a development application (DA) later this year with multi-award-winning architects, Woods Bagot, who are already working on concept plans.

Find out more at cpg-newstead.com.au