ResidentialLindsay SaundersThu 30 Apr 26
Inner-City Appetite Drives $21m Woolloongabba Site Sale
A Woolloongabba development site previously earmarked for a residential tower has sold for $21 million as demand for inner-city redevelopment opportunities stays hot despite wider market uncertainty.
The corner site at 109 Logan Road, about 3km south of Brisbane’s CBD was acquired by an as-yet unnamed Queensland-based developer following a competitive sales process that attracted multiple bidders.
The transaction was managed by CBRE agents Nick Wedge and Will Carman alongside Chesters Real Estate’s Tim Jones and Vaughn Smart.
The property has long been eyed for redevelopment within the Woolloongabba Priority Development Area and holds approved for a 20-storey tower.
That project, comprising 203 apartments in a mix of one, two and three-bedroom configurations plus ground-floor retail space designed to activate the corner site, was revealed in August 2023.
The approved scheme includes basement parking and was designed to respond to the site’s high-exposure intersection within one of Brisbane’s most actively evolving inner-city precincts.
Recent planning changes in the area now allow for potential uplift to as much as 36 storeys.
The asset is owned by Spinal Life Australia, which will lease the site back from the purchaser as it transitions to new premises.
That arrangement provides interim occupation for the seller while longer-term development options are assessed by the buyer.
Spinal Life Australia chief executive Mark Townend said the sale would support the organisation’s relocation to larger facilities.
CBRE’s Nick Wedge and Will Carman and Chesters’ Tim Jones and Vaughn Smart managed the marketing and sale of 109 Logan Road.
Meanwhile, another Woolloongabba site with high-rise approval has also come to market.
The Broadway Hotel at 93 Logan Road is being offered for sale with approval for a 34-storey mixed-use development.
The site, which dates to 1889, occupies a 2508sqm site within the suburb’s core.
The approved scheme includes 256 apartments and ground-level uses, with plans to retain and integrate the existing heritage hotel building.
The property is being marketed by Christian Sandstrom and Blake Goddard of Knight Frank on behalf of Carbone Developments.
Agents said the site had attracted interest from developers active in Brisbane’s inner-city residential sector.
During the past year, Woolloongabba has been shaped by a wave of redevelopment tied closely to the Cross River Rail precinct and broader Olympic-led urban renewal.
The most significant anchor remains the Woolloongabba Station Precinct itself, where major works continue on the new underground station and surrounding public realm, forming part of a wider transport and housing hub designed to support tens of thousands of new residents under the Priority Development Area framework.
Private sector activity has accelerated around the station catchment, with several high-density residential proposals lodged or progressing in the inner south. Among them is a 20-storey, 433-apartment build-to-rent project at 33 Jurgens Street, within walking distance of the future station and the broader Games precinct.
In November, Sarazin, the developer behind Woolloongabba’s Silk 1 project, announced its return to the precinct with plans for a significantly larger development—twin towers of 447 apartments next to the site of its 2022 completion.
Sarazin filed plans with Economic Development Queensland for the site at Stanley and Trafalgar streets.
Designed by GroupGSA, it comprises a 53-level east tower and a 36-level west tower as part of the Stanley Quarter project within the Woolloongabba PDA.
