691 Logan Road, Greenslopes

A strategic land holding, situated within the popular inner city locality of Greenslopes.

The sale comprises an elevated 2,926m² irregular shaped corner site, situated above road height, with an easterly aspect to Logan Road.

The property is zoned “Low Medium Density Residential (2 or 3 Storey Mix)”, and was purchased with no approvals in place. However an application for a residential development comprising 48 units (6 x 1 bed, 38 x 2 bed & 4 x 3 bed) spread over a three level building was in progress at the date of sale.

The sale is improved with an older style temporary care facility which provides 57 bedrooms, 11 bathrooms, 3 kitchens and various administrative, utility living, dining and laundry rooms. City views are achieved from the upper levels of the building.

Greenslopes is located approximately 6 kilometres south east of the Brisbane CBD, and is well serviced by a wide range of amenities.

The sale occupies a strategic elevated corner position, and is within close proximity to the Greenslopes Mall, Greenslopes Private Hospital as well as public transport facilities, public and private schools, parks and recreation facilities.

The site was offered to market via a six (6) week marketing campaign, which closed on Wednesday 20 July 2016.

The campaign generated a high level of market engagement, from a wide range of groups, with the majority of interest coming from medium sized residential developers, builders, and child care developers/operators

Through the campaign we received consistent commentary regarding concerns about current and forecast unit supply in Brisbane, difficulty in development funding particularly from the major lenders and rising construction pricing.

Many of the groups however commented that the site is well located in the context of Greenslopes, however would look to alter the current approval to reduce the yield, to accommodate larger units focused at the owner occupier segment of the market.

At the completion of the campaign 63 enquiries were received, and a total of 8 offers to purchase were put forward.

The successful party was a locally based group who are seeking to retrofit the existing building for supported accommodation.