Queen’s Wharf site to cash in as boutique bar
A Brisbane developer who bought a well-positioned CBD building for a bargain price hopes to secure big returns from the site near the $3 billion Queen’s Wharf precinct.
Silverstone Developments managing director Troy Daffy was not even registered as a bidder at the auction of 26 Charlotte St late last year.
But when the auctioneer declared the property on the market at $1.4 million, Daffy asked for the auction to be stopped so he could register. He bought it for $1.6 million.
Commercial Insights: Subscribe to receive the latest news and updates
“We thought it was a good price for a CBD building,” he says.
Daffy says he saw significant potential in the site, located within a block of Queen’s Wharf, as the CBD focus shifted to the southern end of George St.
An application has now been lodged with the Brisbane City Council to convert the retail space into a boutique-style bar, retaining the building’s brick facade.
“It’s a beautiful old building with a lot of street appeal,” Daffy says.
“The bar is a long-term plan. We want to add value to the property by getting approval with the potential to do something down the track.
“There’s a lot of money being spent right around (26 Charlotte St). The area is going to be totally different in five years.”
After developing a series of inner-city, boutique apartment buildings, Silverstone switched its focus to retail three years ago.
Daffy says it feels like they made the right move.
“We were one of the first groups in Brisbane to exit the apartment space, after becoming concerned about settlements and valuations,” he says. “It was probably a good time to get out.”
This article originally appeared on www.theaustralian.com.au/property.
