Gold Coast City Council has purchased an 85-hectare block of land in Yatala, which has been held by the same family since the 1800s.
The council secured the vacant block, at 396 Stanmore Road, for $12.8 million following negotiations of the purchase which commenced in 2018.
Formally known as the Enkelmann Farm, the Enkelmann family had secured the Yatala landholding when they moved to the region as early European settlers in the 1800s.
The land parcel, located in the southern corridor between Brisbane and the Gold Coast, is surrounded by rural and residential properties, and zoned future low impact industry sitting on the periphery of Yatala Enterprise Area.
Colliers International’s Daniel Coburn, who marketed the property said the site generated interest from a range of developers.
The Yatala area is one of south-east Queensland’s major industrial and logistics hubs.
Last month, privately-owned developer Seymour Group offloaded its 65-hectare industrial Yatala site to Frasers Property for $20 million.
The land parcel, located on Stapylton Jacobs Well Road, takes Frasers’ industrial land holdings and development to 90-hectares.
On plans for its newly-acquired site, Gold Coast City says it will convert the Stanmore Road site into sports and recreation fields.
Colliers International managed the sale on behalf of Hickey Lawyers, executors of the deceased estate.
The proceeds of the sale will be put towards a charitable foundation for local charities in memory of the Enkelmann family.