AVID Property Group has acquired a prime $7.6m 8.17-hectare greenfield site in Logan Reserve, bolstering its position within the southeast Queensland market.
In a strategic move that reflects its commitment to the Logan region, AVID has secured a parcel contiguous to its landholdings east of Chambers Flat Road, forming a total 27.59-hectare future residential site.
AVID CEO Cameron Holt said the acquisition was strategic in further strengthening its presence and commitment to its Queensland portfolio.
“This site in Logan Reserve allows us to leverage the strong property market activity within the region and diversify the offering to the local market,” Mr Holt said.
“The acquisition allows us to strengthen our future pipeline in what is a supply constrained market. “Logan is a growth corridor that is an increasingly affordable, attractive option for buyers.”
The acquisition comes following huge demand for its neighbouring residential community, Chambers Ridge, and months after the sellout of nearby 712-block Killara community in just five years.
AVID General Manager Queensland Bruce Harper said demand remained very strong within Logan, and the acquisition was a sign of the ongoing potential the developer recognises in the region.
“The region is known as one of southeast Queensland’s strongest growth areas and provides home buyers with excellent connection to major transport networks, an array of employment opportunities and an appealing lifestyle proposition,” Mr Harper said.
“We have had considerable success in Logan, with the recent sell-out of Killara and the high demand for nearby communities, Covella and Chambers Ridge.
“AVID has grown a strong foundation within Queensland allowing us to continue to expand the business and offering within the State.”
The site, located on Chambers Flat Road, was purchased from a local family which have held the property for close to 50 years.
It is zoned as an ‘emerging community’ for future urban development with an existing Infrastructure Agreement with Logan City Council in place, the site has the potential to be home to up to 820 new residents.