Urbex Lays Down $38m for SEQ Growth Corridor Site

National property developer Urbex has scooped up a 15.75ha greenfield site between Brisbane and the Gold Coast for a planned 225-lot project.

The developer, a wholly owned subsidiary of civil engineering and property development company BMD Group, paid $38 million for the site at Park Ridge, Logan.

The 15.75ha site at 95-103, 105-115 and 117-127 Koplick Road was transacted via an off-market, invitation-only expressions-of-interest campaign managed by Colliers agents Brendan Hogan, Adam Rubie and Kristian Brymora on behalf of CFMG Capital. The campaign attracted more than 15 formal offers.

Urbex national acquisition manager Nic Gilbert said the deal was Urbex’s second development within the catchment and it “perfectly aligned to our South-East Queensland acquisition strategy”.

“We have a strong appetite to secure development opportunities in high-growth areas throughout the region.”

Colliers residential director Brendan Hogan said demand for development sites remained high, driven by undersupplied housing pipelines and continued confidence in South-East Queensland’s long-term population growth.

“The campaign’s result reflects the continued strength and price growth of the Logan market, underpinned by continuing demand from developers looking to secure land in this rapidly evolving region,” Hogan said.

“In a market where demand continues to outstrip supply, sites of this quality in South-East Queensland are increasingly hard to find. The number of offers we received is proof of just how highly they’re valued.”

The transaction comes as South-East Queensland’s urgent need for additional housing supply continues, with forecasts indicating 34,500 new homes are required annually to meet ongoing population growth.

Colliers residential development site director Adam Rubie said there had been strong growth in land values across Logan as recent sales set price benchmarks.

“Despite broader market headwinds, strategic development opportunities in growth corridors like Logan offer excellent fundamentals, with Urbex perfectly placed to fast-track delivery,” Rubie said.

“Brisbane is now recognised as having the best growth prospects of any capital city due to the massive public and private investment in infrastructure and major projects under way.”

It is understood Urbex is working towards lodging a development application for a residential project on the greenfield site.