A development site in the growing Logan City, situated between Brisbane and the Gold Coast in Queensland, and allowing for a range of potential commercial or residential uses, has sold in an off-market deal for just shy of $1 million.

The property at 289 Kingston Road in Logan Central consists of a 2,023sq m site neighbouring the Logan Medical Centre, which is currently occupied by a three-bedroom house.

It was purchased for $950,000 by commercial property syndicator Properties & Pathways from a private investor in a deal negotiated by Jacob Heinke and Hayden Ryan of Knight Frank.

The property was last sold in 2015 for $500,000.

Mr Heinke said the site was appealing to the buyer given its development potential, but it had the extra benefit of holding income from the three-bedroom tenanted home while plans and approvals were put in place.

“We approached the owner regarding a purchase requirement for a valued client interested in acquiring the site, which is how the off-market deal occurred,” he said.

“Through a meticulously executed off-market process, favourable outcomes were achieved for all parties involved.

“The zoning of this property in the Logan City Council area allows for a range of potential commercial and residential uses, which was appealing to the buyer.

“In this case, the expanded land holding will facilitate Properties & Pathways in enhancing the Logan Medical Centre by securing the entire corner position of Kingston Road, enabling future development opportunities.”

Mr Ryan said the transaction would not only enhance the asset value but also benefit local residents through future improved use.

“The Logan City Council area is a growth area of South East Queensland,” he said.

“Improved amenity through development will benefit the area and service the growing needs of local residents.”

Properties & Pathways Managing Director Cal Doggett said: “We are always looking for ways of adding value to our assets and improving return to our investors. 

“In this instance, we identified the adjoining site as a strategic acquisition for development given the high demand of complementary and synergistic tenants who have already shown a strong desire to neighbour long-standing medical tenants on the corner. 

“Our feasibility indicated a healthy return to investors and we’re very excited to now bring this outcome to fruition over the next 18 months.”