Realising Upside: Skyhold Doubles Money in Shrewd Site Deal

There was no fanfare or big announcement. Brisbane residential developer Skyhold’s Zhen Chen sent an email saying he had sold off his site at Balmoral in Brisbane’s well-heeled inner-city. There were a few quiet indicators that the site had transacted. Retirement operator Levande filed revised plans with the Brisbane City Council for the 2.3ha site at 91 Lytton Road at the start of this month. But in the immortal words of Marlon Brando in The Godfather , it was an offer Chen couldn’t refuse. Zhen Chen bought up the site, which settled in 2024, for $27.5 million and filed plans for a townhouse and 167-apartment project ( pictured at top ) on the former Exclusive Brethren site. The project was approved in February 2024, despite more than 200 submissions to the Brisbane City Council, many of which opposed the project’s seven-storey height. Levande approached Chen directly with an off-market deal that proved lucrative for the developer. ▲ Revised plans for Levande ’ s development of the site have been filed with the Brisbane City Council to create 206 independent living units. Without putting a shovel to dirt, Chen has doubled his money to net about $60 million in the sale of the Balmoral site. “When Skyhold settled the Balmoral site in early 2024 for $27.5 million, it was originally intended to be a long-term legacy project for the group,” Chen said. “We always believed the site had significant untapped potential, and through the planning process, we were able to secure an approval that significantly increased the site’s density and development potential, which fundamentally changed the profile of the project.” Chen said once the planning upside was crystallised the site received significant interest from groups “who could really leverage that scale”. “I was ready to start construction, but it was an offer that was just too good,” he said. “There was very strong interest, and it became clear that the approved project was a compelling strategic fit for Levande’s pipeline. “They were able to see the long-term value in both the scale of the approval and the underlying location fundamentals.” ▲ Levande has recut the project to move the pool and increase the focus on wellness. Image: Jackson Teece Chen said the opportunity to realise that uplift and recycle the capital into multiple projects was “too compelling to ignore”. “It was the right buyer and the right outcome—not just for this site but for the next phase of Skyhold.” And with a newly replenished war chest, Chen is now on the hunt for more infill opportunities in inner-city Brisbane. He told The Urban Developer he was in a position to move quickly for the right opportunities. The developer’s New Farm project, Noorla, is due to wrap up in early 2026. An old apartment block at 312 Bowen Terrace was demolished to make way for four $5-million luxury homes. “When I came across this [New Farm] site, the location close to Howard Smith Wharves and New Farm Park, I thought it was an opportunity to do something special,” Chen said. “I’m familiar with the areas and the market product, that’s why I want to focus on developments around inner Brisbane.” But Chen is flexible about the product types he builds. He said it was essential to understand the market demand for each site to create the right development, something he will be leaning into as he pursues new inner-city opportunities. ▲ The Brisbane-based developer Skyhold will wrap up construction of Noorla New Farm early this year. Following the acquisition of the Balmoral site by Levande, the development vision has shifted to the delivery of a high-quality retirement facility, according to planning documents. The retirement developer has proposed revised plans to amalgamate the townhouse buildings along the site frontage to “create a more cohesive streetscape”. It would also relocate the pool and create a single-storey communal clubhouse. The Jackson Teece-designed changes to the development would now create 206 independent living units with 438 carparking spaces across seven buildings and three construction stages. Jackson Teece director Daniel Hudson said the revised design aimed to “foster interaction between residents and community”. “The site has a significant slope to the north looking toward the river which is beneficial for solar access and views, the topography is challenging when aiming to establish a cohesive central communal space,” Hudson said. “The new design introduced a central entry annex building, which connects the two main wings of community function and also engages with the main courtyard. “The communal terrace area looks over a large resort-style wellness precinct to the north. “Wellness is at the centre of Levande’s vision for the community. The gym, spa, and pool facilities are expanded upon to include various sports and recreation spaces, which contribute to the creation of a vibrant community that is central to Levande’s brand.” The village will be 400m from Oxford Street, Bulimba, which is home to cafes, retail shopping, healthcare and entertainment, and close to the proposed Bulimba Barracks redevelopment, which will include a high-end, mixed-use precinct. Hudson said the Levande development would enhance the housing diversity in the area while drawing on the locale’s subtropical environment and character. ▲ Jackson Teece director Daniel Hudson said the project would draw on the area ’ s character and foster interaction between residents and the community. Chen said he remained confident in Brisbane’s blue-chip inner-city suburbs where infill land is scarce. “Strong population growth, lifestyle-driven demand and a structural undersupply of quality products continue to underpin our strategy going forward,” he said. “The transaction has strengthened our balance sheet and allows us to move decisively on new opportunities, with our Noorla New Farm project of four high-end architectural homes due for completion in early 2026. “We now have several exciting projects in the pipeline and are actively pursuing opportunities across south-east Brisbane, spanning both blue-chip inner-city suburbs and future growth corridors. “Our focus remains on identifying and transforming underutilised sites, unlocking planning potential, and delivering premium developments.”

Realising Upside: Skyhold Doubles Money in Shrewd Site Deal

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