Council sells office after winding down investment arm
The City of Logan has sold the headquarters of its for-profit investment arm, Invest Logan, which it decided to wind down last March.
The three level 838 square metre largely vacant office, 8 Cinderella Drive, Springwood, traded for $4.07 million, following an expressions of interest campaign closing last October.
The property previously transacted in December, 2019 – the year after it was constructed – for $4.22m.
Despite it being marketed as an investment – the building offers high end corporate facilities expected to find favour with tenants – the buyer is another part-occupier: The Centre for Women & Co.
A not-for-profit, that group will support clients across the Redlands and Logan regions from the address.
It will also earn an income from a ground floor tenancy – spreading 68 sqm, leased to an accounting firm (story continues below).
On 805 sqm opposite Arndale Shopping Centre, owned by the Liberman family backed CVS Lane Capital Partners and Consolidated Properties Group, the asset also contains 21 undercover car parks (story continues below).
The deal comes 11 months since the Wen family’s Chin Hong Group paid RG Property $86m for the Coles-anchored Park Ridge Town Centre, also in the Logan municipality.
Savills’ Peter Tyson and Steven Lerche were the agents.
The local government said a range of reasons were behind its decision to deregister Invest Logan and sell down its assets specifically, whether its purpose aligns with council’s vision, challenging economic times, public interest grounds, financial and risk management performance and the entity’s objective and governance arrangements.
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