The Phoenix Development- just a puff of smoke
If you’ve ever driven along Logan Road in Woolloongabba you would probably have seen the signs and advertising promoting the Phoenix Development. With a land area of 21,436m2 (over 5 acres) and plans for retail, commercial and residential spaces this was going to be a huge construction site that was supposed to kick off in 2009 and be a major part of the future development in the area.
It was even included in the Council plans for the urban renewal of Woolloongabba and would presumably have gone ahead were it not for the tougher financial times. This is one of Brisbane’s largest development opportunities – certainly the largest inner Brisbane has seen for some years.
The receivers have now moved in and the land is to be separated into 6 individual parcels ranging from the extremely small 387m2 up to 11,837m2. It’s a wonder that the receivers don’t think that the land is worth more as a single entity. The likely explanation being that it will be far easier to sell quickly to various buyers than over a longer period of time to one.