This article is from the Australian Property Journal archive
THE landmark Logan & Trafalgar site in Brisbane’s Olympic precinct has sold for $20.5 million, setting a record land rate for Woolloongabba.
Located at 42 Logan Road and 7-11 Trafalgar Road, the 3,419sqm corner site set the record at a $6,000 per sqm rate, selling to an offshore buyer out of Asia and setting a new record for a site zoned to 20 storeys.
The site is currently occupied by four detached fully leased buildings, well below market parameters.
Harry Borger and Tim Jones from JLL managed the sale of the property, on behalf of a Brisbane family who held the property for three decades.
The team fielded more than 125 enquiries from domestic, interstate and international parties.
Borger, senior executive of metro sales and investment, said this was a “clear recognition of the site’s potential to create a legacy project for Brisbane within a suburb set to undergo significant and lively transformation during the next few years.”
“Central to this is its incomparable location, sitting directly adjacent to the Gabba stadium, which will be the epicentre of the Games after a multi-billion-dollar government revamp.
“It also lies only a few hundred metres from the Woolloongabba station precinct for the Cross River Rail, which will revolutionise Brisbane’s public transport infrastructure and link through to the CBD.”
The site is also within close proximity of the Logan Road dining precinct and the $1.2 billion Station Square development.
The new owner has announced plans to develop a mixed-use development on the site, which boasts 164 metres of prime dual-street frontage.
A mixed-use development would serve as a backdrop to the 2032 Olympics and Paralympics Games and could add much needed inner-city residential supply.
The site will also benefit from the $450 million Brisbane Metro station near the Gabba that 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 last year.
“With a favourable MU1 Mixed Use zoning, it can be redeveloped, subject to council approval, for residential apartments, short-term accommodation, commercial office, medical, retail and food/beverage,” said Jones.
“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,” added Jones.
