This article is from the Australian Property Journal archive
A LOGAN Reserve infill sight has sold for $21.275 million, setting a suburb record after more than $300 million in offers.
The 7.2-hectare site at 336-354 Chambers Flat Road boasts Low Density Residential zoning, that would allow for circa 150 lots, subject to approval.
Jake Burrowes and Liam Petersen from JLL Metropolitan & Regional Land, alongside Ben McGrath from BRIO Property Group, managed the sale via an on-market expressions of interest campaign.
The competitive campaign saw institutional and private buyers lodge more than $300 million in offers, before selling for a record suburb rate of $295/sqm.
“The previous owner had held the site for more than 20 years, but was ultimately motivated to put the land up for sale due to increasing land management issues associated with the development of the adjacent newly subdivided estates,” said Burrowes.
“As the last site available to build out on the eastern edge of Chambers Flat Road, its connectivity to the arterial network, central position between the Gold Coast and Brisbane and proximity to essential services, retail, schools and parkland further enhanced its appeal.”
Peterson added that the infill site would allow for a wide range of residential uses, including house and land, townhouses, retirement and modular home estates.
“Infill development continues to play a central role in the ongoing conversation around tackling critical shortages in housing supply,” said Petersen.
“This is evident in a strong focus among developer groups on sites of scale in affordable, tightly held and sought-after corridors such as Logan. It’s demand we expect will continue to sharpen well into next year.”
The Logan growth region is also due for a Stockland land lease community, announced in September, with Halcyon Vista and Halcyon Edgebrook, which will see 479 new seniors’ living homes delivered to the region.
