Last August, TriCare made its first move into the land lease market with an application to build a 250-unit retirement village, 200-bed aged care facility and a 169-home ‘relocatable home park’ on 11 hectares at Rochedale, 17km southeast of the CBD.

Now the private operator has  purchased the neighbouring 4.069 hectare property for $10.8 million, beating out four other bidders.

JLL’s Senior Executive, Metropolitan Sales & Investments Sam Byrne, who brokered the deal, says the suburb has transformed since it was rezoned with a number of new housing developments cropping up.

“The suburb’s median house price is in excess of $1 million; this is the same range as some of Brisbane’s most affluent suburbs such as Hamilton and Hawthorne,” he said.

Will the prices for TriCare’s units and homes match up?