This article is from the Australian Property Journal archive
DEVELOPMENT site activity in Woolloongabba is already heating up ahead of the 2032 Olympics, with a 3,419 sqm amalgamated corner parcel the latest site up for grabs.
The site 42 Logan Rd and 7-11 Trafalgar Street comes to the market following Sydney developer Sarazin spending more than $26 million to boost its holdings in the city fringe location, and a $7 billion deal struck between the Queensland and federal governments that will see the Gabba fully demolished and rebuilt.
A Brisbane family is now hoping to capitalise on the buzz, putting the dual-fronted site with mixed-use zoning to the market after 30 years of ownership.
The site’s zoning currently allows for a 20-level tower.
JLL’s Tim Jones and Harry Borger have been appointed to sell the property.
Jones said the owners had decided to sell following recent announcements confirming the future of the Gabba and the governments’ agreement, and $1.2 billion Station Square office, apartments, hotel and retail development adjacent to the stadium.
The site is also located a short walk from the forthcoming Cross River Rail Station which is scheduled to open in late 2024 and connect Woolloongabba to the Brisbane CBD.
“’Logan & Trafalgar’ is at the epicentre of the most transformative precinct in south east Queensland with Woolloongabba recently tipped as Australia best investment location,” Jones said.
“The government’s aim is to transform the Gabba precinct into a vibrant mixed-use hub. urban renewal of the Gabba precinct can be an obvious Olympic legacy and this landmark site has the opportunity to not only create an iconic backdrop to the games but also address the clear need for residential accommodation in the inner city.”
Elsewhere in the suburb, Brisbane City Council gave Vicinity Centres the green light for its $750 million Buranda Village transformation that will turn the dated sub-regional shopping centre into a mixed-use precinct that features a 10,000 sqm open-air retail and dining village, up to 50,000 sqm of office, commercial and health-related space across three buildings, and more than 620 apartments across four residential buildings.
A new $450 million Brisbane Metro station near the Gabba will be delivered ahead of the 2032 Olympics after all three levels of government signed off on the $1.8 billion South Queensland City Deal a year ago.
Late last year, the Queensland government bought a 1.28-hectare former car yard on Ipswich Road, next to the Pacific Motorway, for just over $40 million. A Transport and Main Roads spokesperson told The Courier Mail that because of the rapid pace of development and the upcoming changes earmarked for the suburb which encompasses the Olympic precinct the government continued to plan for “future transport needs”.
