A vacant site in central Toowong with existing approval for a 26-storey build-to-rent tower has been brought to market, presenting an opportunity for developers in one of Brisbane’s most established inner suburbs.
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The 1,571 square metre landholding at 58 High Street is being offered by CDL Australia Holdings through Knight Frank via Registrations of Interest. The freehold property features dual street frontage to High Street and Ebor Street.
The site comes with development approval already secured for a 326-apartment, 26-storey residential tower. While the Major Centre zoning permits buildings up to 20 storeys, the existing approval extends beyond this base allowance, positioning the site as construction-ready for potential developers.
Build-to-Rent Model
The approved scheme is designed as a build-to-rent development. Build-to-rent developments differ from traditional apartment buildings in that all units are retained by a single owner and operated as rental properties rather than being sold to individual buyers.
According to the listing agents, the location and transport connectivity suggest strong potential for tenant demand in a build-to-rent model. They point to what they describe as limited supply of rental apartments across inner Brisbane, which could support such a development in the area.
Site Location and Amenity
The High Street site sits within walking distance of Toowong Village shopping centre, Toowong Train Station, and the Regatta Hotel. The Brisbane River foreshore is nearby, while the CBD is located approximately four kilometres to the east. The University of Queensland campus is also accessible from the location.
Transport connections include rail, bus, and ferry services, along with major road networks. The site’s position within Toowong’s commercial and retail precinct provides access to established local amenity.
According to the listing information, the development would offer potential for views across the Brisbane River and CBD skyline, though this would depend on the final design and construction.
Alternative Development Options
While the current approval is for a build-to-rent scheme, the listing indicates that the site could potentially accommodate other residential models. These alternatives include purpose-built student accommodation, co-living developments, build-to-sell apartments, short-term accommodation, or office space, though such options would require fresh applications to Brisbane City Council.
The proximity to the University of Queensland has been noted as a factor that could make the site suitable for student accommodation or co-living concepts, should a purchaser choose to pursue a different development path.
Surrounding Development Activity
Toowong has experienced notable development activity in recent years. The Monarch residential project has reached completion, with most apartments reported to have been pre-sold. The Arc development is scheduled for completion this year, with agents reporting strong demand for remaining stock in these projects.
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Directly across from the High Street site, a significant mixed-use development known as Toowong Central has been proposed. That project, valued at approximately $1 billion, would span a 14,126 square metre site with frontages to High Street, Sherwood Road, and Jephson Street. The development is planned to include retail, office, and communal recreation spaces.
The listing agents have described Toowong as a high-growth precinct with several major projects in the pipeline, suggesting ongoing transformation of the suburb over coming years.
Published 11-February-2026
