16 March 2023
InvestLogan Board and staff members are reflecting on a challenging but successful six years following the announcement by shareholder Logan City Council that the entity is to be wound down.
Established as a for-profit entity, investLogan has become a respected, innovative and successful Beneficial Enterprise, leveraging property development to stimulate economic activity and other benefits in Logan.
Council’s Chief Executive advised on Tuesday 14th March of Council’s Committee decision to discontinue investLogan as a Beneficial Enterprise.
investLogan Chair Steve Greenwood said, “The Board and staff of investLogan are immensely proud of the work that we’ve done, particularly the benefits that we have delivered to Council, ultimately for the greater good of everyone in the City.
“We stand behind our track record of achievement for Logan.”
investLogan’s significant achievements have included:
- The York, as the first new mixed-use building in Beenleigh for decades which now houses Logan Water, created 140 jobs and sold for $33.52m in 2022.
- Accommodation in Marsden for people with disabilities together with Blue CHP and Compass Housing Services.
- Mixed-business and industry project at Wayne Goss Drive fully leased or sold prior to completion and attracting start up and growth enterprises’.
- We are currently developing a quality urban renewal project at Sunningdale Avenue, Rochedale South, into low density residential housing consisting of a 6-lot subdivision.
“We acknowledge comments made by Council recognising these achievements and the positive contribution that investLogan has made to the City,” Mr Greenwood said.
He said, “At Council’s request we have also been exploring opportunities for short term accommodation for Logan and have acquired an excellent site in Springwood for that as the preferred purpose. We hope Council will see this project to fruition.”
“It’s been a tough six years and we have achieved a lot for Logan despite hefty challenges including having our foundation project, the Loganholme tourist precinct compromised by land resumption, the period of interim Administration of Council, the absence of a formal Shareholder statement of corporate intent, and of course the COVID years. However, we have always remained focused on benefits for Logan.’
‘We are also proud of our demonstrable public record of good market returns, sound financial and risk management and performance, and proper and transparent governance.”
Mr Greenwood said while he and the Board were disappointed that Council had decided to pursue a development approach other than through its Beneficial Enterprise, the Board respects the decision and wishes the very best for Logan and its residents.
Mr Greenwood thanked the investLogan CEO and team for their professionalism and commitment to a job well done for Logan.
Mr Greenwood said winding down operations would take some time, and the team would work cooperatively with Council to see this through smoothly and efficiently.