Landmark Woolloongabba corner development site changes hands for $21 million

A Queensland-based developer has acquired a prominent inner-city corner development site for $21 million amid strong interest for the property. 

CBRE’s Nick Wedge and Will Carman and Chesters’ Tim Jones and Vaughn Smart managed the marketing and transaction of 109 Logan Road, Woolloongabba.

Mr Wedge said, “Opportunities of this quality and scale within the Woolloongabba Priority Development Area are increasingly scarce. The combination of immediate cash flow, existing approvals and significantly enhanced future development potential resonated with the market and drove competitive interest throughout the campaign.”

Mr Jones mentioned, “The depth of both enquiry and competitive bids at close of the campaign highlighted the continued positive sentiment for well-located inner-city development sites despite the global volatility at play.”

The site benefits from consistent high vehicle and pedestrian traffic, and existing approval for 203 apartments across 20 levels. Under the updated Woolloongabba PDA, the site also offers increased code assessable development potential of up to 36 storeys, subject to council approval, further enhancing its long term appeal.

The seller, Spinal Life Australia, will leaseback the property for the medium term while their new headquarters commences construction providing important holding income to the purchaser while they finalise their plans for the site.

Mark Townend, CEO at Spinal Life Australia said, “We are pleased with the efforts of the teams at CBRE and Chesters to achieve this sale price for our organisation. This provides us with a great financial outcome, supporting our transition to larger premises while providing us with security of tenure for the next few years.  We knew our site would be attractive to purchasers and the outcome achieved by the CBRE and Chesters teams has helped ensure a positive future for our long-established Not For Profit and the Queenslanders we serve.”