Sunland snaps up Brisbane's 'Pink Palace' for luxury residential

Listed residential developer Sunland will turn Brisbane’s controversial ‘Pink Palace’ mansion owned by the multimillion-dollar estate of late society darling Cindy Fleming into more than $45 million worth of luxury residential homes.

Sunland snapped up the prime 6300-square-metre site at 276 Swan Road in Brisbane’s prestigious inner city suburb of St Lucia for $11.125 million.

Sitting on top of a hill, the site is a Brisbane landmark whose previous owners include internet pornography king Greg Lasrado. It reportedly hosted the likes of Elton John, Cher, Bruce Springsteen and Billy Joel. 

Sunland’s managing director Sahba Abedian said the mansion and its enormous pink boundary wall would be demolished to make way for a boutique luxury housing development of 28 residences with an estimated end value of more than $45 million.

“This acquisition demonstrates our continuing confidence in the Brisbane market and the capacity for boutique luxury housing developments to be delivered alongside our multi-storey portfolio,” Mr Abedian said.

In the past 12 months Sunland has launched its 148-apartment Abian tower in Brisbane City which is now 95 per cent sold. Within the next few months it will launch a near-500 apartment tower development called Grace on Coronation at Toowong, just a few kilometres from its newly acquired site at St Lucia.

“We have spent a lot of time thinking about what we will do with this site,” Mr Abedian said of the site which has view lines to the Brisbane River and city centre.

Colliers International’s Adam Rubie, Pat George and Brendan Hogan marketed the property resulting in over 80 enquiries and 10 offers. 

“We had a strongly contested campaign and received offers from local, interstate and international developers,” Mr Hogan said.

Sunland plans to lodge a development application by September this year.

The Australian Financial Review