The Aviary development in Toowong, idle some time, is now getting a fresh start as investment company IJ Capital prepares to build a $1-billion town centre at 9,000-sqm site that they acquired for $53 million.
IJ Capital has big plans for the area. They aim to work with the owner of the nearby property at 80-88 Jephson Street on a joint project with the vision of a massive complex covering 1.3 hectares of land with shops, offices, and homes.
Located at the corner of Sherwood Road and High Street, the future site of a new, billion-dollar town centre was purchased from Ray White Capital (RW Capital) and State Development Corporation.
For the previous owners, the decision to sell the Aviary Toowong site was influenced by the challenges caused by COVID-19, increasing building costs, and higher interest rates.
Ross McKinnon, the managing director of State Development Corporation, emphasised this and mentioned that the sale will help RW Capital pay back its investors after a time of uncertainty.
“We are delighted that the purchaser will look to develop the property,” said Ross McKinnon, expressing optimism about the project’s potential to benefit the Toowong community.
“Since launching the development in 2020, we have received overwhelming support from council, local residents, and retail tenants, and we have no doubt that once built, the project will provide fantastic amenity to the Toowong community.”
Negotiated by Christian Sandstrom of Knight Frank, the deal was something that took an extended period to put together.
“This property is in a prime site in the heart of Toowong, and will follow other recent developments including the Monarch development on the old ABC site and Mosaic developments on Sylvan Road and Archer Street.”
The Aviary Toowong development comprises 150-residential units, 30 curated retail spaces, a 20-level office tower, and a cinema. The town centre draws inspiration from the iconic Grove Shopping Centre in Los Angeles.