BRISBANE, 29 September 2026: One of the last privately owned development sites on the Kangaroo Point peninsula has sold for $7 million. The 868sqm* site at 120 Main Street was sold on behalf of the not-for-profit organisation 4EB, Brisbane Ethnic Community Radio, to a private developer and landbanker.
The deal was brokered by Associate Director Sam Richards and Executive Ryan Shepherd of JLL’s Metropolitan Sales & Investments.
The unconditional cash transaction equates to a land rate of $8,065 per square metre*. The land was surplus to 4EB's needs and was used for car parking. The organisation will retain its broadcasting operations at its adjoining property, 140 Main Street.
"This site had three real hurdles: the Story Bridge view corridor, its proximity to the Clem7 tunnel, and a lack of comparable sales to guide pricing," Mr Richards said. "Instead of leaving these as problems for a buyer, we resolved them upfront. We engaged independent town planners to confirm the seven-storey height potential and geotechnical experts to model construction over the tunnel. That proactive work gave buyers the confidence to move unconditionally and was fundamental to achieving a benchmark result for the site."
The freehold property is zoned MU1 Mixed Use, allowing a building height of approximately seven storeys, 23 to 25 metres Australian Height Datum (AHD). The site has approximately 60 metres of combined frontage to Main Street and a rear laneway.
"There are almost no development sites left on the Kangaroo Point peninsula, and the same planning controls that protect the Story Bridge mean existing buildings are unlikely to be redeveloped either. A site like this does not come up again," Mr Shepherd added.
The property is 475 metres* from the Kangaroo Point Green Bridge, offering direct pedestrian access to the CBD and the $2.1 billion Eagle Street Pier redevelopment. It also sits within the catchment for the Cross River Rail, the Woolloongabba Station, and the new Brisbane Metro. Median unit prices in Kangaroo Point have increased 16% over the past year, with buyers attracted to the lifestyle, river frontage, and new infrastructure.
