3 inner-city land parcels owned by Mater have just hit the market in what is set to become one of Brisbane’s most exciting developments.
The Gabba Composite, on a huge 4823 sqm site, is next to the Mater Precinct in South Brisbane and is for sale as part of the conceptual Mater Hill Master Plan. The site on Stanley Street and Annerley Road is zoned for a mixed-use development, allowing up to 15 storeys. The zoning allows for a number of opportunities, including office, retail, food and beverage, residential and even a hotel, but Mater is hoping for a development that will support its vision and existing hospital facilities. The upcoming $5.4 billion Cross River Rail project is set to unlock the precinct’s potential, with a major station opening just metres away.
Jones Lang LaSalle’s Elliot O’Shea, who is marketing the site via an expressions of interest campaign, said he expected strong interest from local developers and even international buyers once the borders opened. “This landmark opportunity is a unique position within an infrastructure hotspot,” Mr O’Shea said. “I think it’s going to draw a lot of attention across the board.” Mr O’Shea said the development was in a prime location connecting South Bank and The Gabba precinct, with the potential to capture the needs of existing hospital staff, patients and clients, as well as the additional population growth expected in the area in the lead-up to the 2032 Olympic Games. “We see this supplementing and supporting the Mater as well as the broader ‘Gabba community,” he said. As for the price, Mr O’Shea said it was too hard to put a value on.
Mater chief development and property officer Graeme McKenzie said the Mater Hill expansion would result in an integrated health, education, research and wellbeing precinct. “The sale outcome of The Gabba Composite will help Mater remain at the forefront of patient health care needs, providing a strong and well prepared healthcare system,” Mr McKenzie said. “There has been significant investment in the region as a result of mass migration numbers to Queensland, and favourable growth prospects have propelled Brisbane forward as a global investment destination.”