Four properties in Logan Central, south of Brisbane, have been sold for more than $5.1 million in total.
The properties, consisting of a mix of vacant land, residential, office and retail properties, garnered a significant number of enquiries through individual marketing campaigns.
The strong interest in the properties was bolstered by the value of the property offerings in the Logan area and the suburb’s proximity to Brisbane and the Gold Coast.
Savills agents Gregory Woods and Daniel Pepper sold the properties and reported more than 600 enquiries across the four properties.
Strong interest was shown by interstate investors who were attracted to the relative value of commercial properties in Logan compared to other properties available in Brisbane.
One of the properties sold was located at 1 Station Road, Logan Central, which sold for $2.75 million.
The property, in the business and retail heart of Logan Centre, housed Wembley Park Plaza, a single level office and retail property partially leased to multiple tenants.
The 2,633 sqm site with two street frontage and access offered an owner a holding income as well as the flexibility to submit a Development Application.
Another property located at 7-9 North Road (pictured above), Logan Central, was sold at auction for $1.06 million.
The property, on a dominant corner site with two street access, included an in-one-line two-story block of residential apartments, sitting right on the cusp of Logan Central’s CBD and retail hub.
Given Logan’s strong rental demand and record low vacancy rates, an owner could keep the site as is or take advantage of generous zoning allowances for a wide range of code assessable developments.
Also sold was 2-2A North Road, Logan Central, a high exposure corner site with two street frontage, sold prior to auction for $950,000.
The property featured nine commercial units in one line, offering a diversified income stream for an owner, with potential for multiple tenants.
Lastly, 69 Station Road, Logan Central, a large 784 sqm vacant parcel of low-medium density residential land, was sold by private treaty for $370,000.
The site was in close proximity to the local train station and shopping precinct and under zoning which would permit residential dwelling, townhouses or residential units.
These property sales were a reflection of Logan’s growing popularity as a suburb to invest in, with the South East Queensland Regional Plan 2017 calling for an additional 89,900 residential dwellings to be provided in Logan from 2016 to 2041.
“With strong infrastructure investment in place in and around Logan, from the motorway upgrade and busway extension, to the delivery of better hospital, health and education services, Logan and surrounding suburbs are proving to be serious contenders for investors looking for sites in the surrounding suburbs of Brisbane,” said Woods, Director Metropolitan and Regional Sales at Savills.