Iconic Springwood Development Site Sold
A prime development site at Springwood in Brisbane’s south has gone to contract, sold by Ray White Commercial.
The Watland Plaza site, on top of the hill at 3406 Pacific Highway, Springwood is a gateway site at the southern entry to the Springwood commercial precinct. This iconic site was sold to a Sydney developer by Stephen Kidd of Ray White Commercial (Qld) on behalf of the Watson family, a long established Logan City development group.
Stephen Kidd said the buyer is planning a development for the site which will accommodate a range of complimentary uses with approvals currently in place for a mixed-use complex of up to 10 levels. The developer is enthusiastic, wanting to build up to 20 levels, including a 180 room 4 star hotel which would be a first for Logan City’s 300,000 residents. Easy access to both sides of the M1 and the commercial, education and medical facilities of Logan City should help convince operators for the location.
“AEV Architects have been appointed and discussions are underway with a cinema chain, hotel operators, serviced apartment operators and student accommodation providers,” Stephen Kidd said. “The new owner was inspired by the hill top location and Logan City Council Mayor’s comments of his intentions to oversee substantial commercial growth in the Springwood precinct.”
Stephen Kidd said the substantial land holding of 11,313 sqm was ideally positioned in the fast population growth corridor suburb of Springwood.
“In April, 2012, the Logan City Council granted Preliminary Approval for the development of a mixed use project on the Watland Plaza land holding,” he said. “With minor modifications, the approval allows for the $100 million development of approximately 15,000 sqm of mixed use floor space and almost 700 parking bays. Substantial enquiry has already been received from operators wanting to take advantage of the location, the sites elevated exposure and the developers vision to create another ‘Emporium’ styled development to service the broader Logan City community.
“The developer’s vision is to create a podium of higher end gourmet food retailers/ restaurants and services beneath a commercial component of a cinema complex, a modern internationally branded 4 star hotel and perhaps serviced apartments. He aims to satisfy a niche in the market which is currently under-serviced. And the site is ready to go now.
“This precinct is one of several major commercial precincts which make up Logan City, though the only one which has direct exposure to the large volumes of traffic travelling between Brisbane and the Gold Coast.”
New retailers within the proposed 10 level complex will have exposure to some 200,000 vehicles every day, easy ingress/egress off the M1 and an entertainment precinct as an additional drawcard.