Off-Market Newstead Site Deal Breaks Land Rate Record

A private investor has nabbed a 1510sq m development site at Brisbane’s inner-city suburb of Newstead for a cool $22 million, setting a land rate record for the area. 

MP Commercial and Chesters Real Estate managed the off-market deal for 9 Longland Street, which transacted at $14,569 a square metre. 

According to MP Commercial agent Mike Walsh, the new owner intends to develop a 10-storey code-assessable building in the lifestyle precinct next to Total Fusion and Gasworks. 

The agents worked with the buyer over three months to identify suitable sites across Newstead, New Farm and Teneriffe to meet the “unique investment brief”.  

“The buyer had a definitive mandate to pursue a project intended as a generational hold and had highly prescriptive location criteria,” Walsh said.

“Finding a site that met the requirement took persistence and lateral thinking but, once we gained traction with the owners, the buyer moved quickly on a cash contract and 14-day settlement.”  

Chesters Real Estate director Tim Jones said transaction activity in Brisbane’s inner north had ramped up. 

“Developers are moving quickly to secure sites as apartment revenues surge, planning outcomes become more flexible, and the Olympic clock continues to tick down,” Jones said.  

Walsh said Newstead had recorded strong per square metre land sales results, surging from $8000 to more than $14,000 a square metre. 

“Landlords also see the growth potential and are reluctant to sell, keeping opportunities scarce,” Walsh said. 

MP Commercial has now listed 19 and 21 Longland Street at Newstead, a stone’s throw from the site. 

The 1992sq m premium medical, wellness and retail asset was built in 2024 and is netting $1.51 million with an 8.1-year weighted average lease expiry. 

Tenants include a dermatologist, a wellness, recovery and longevity facility, a dentist and a restaurant.