Retirement village veteran offloads QLD site
“The existing development approval significantly derisked the site, enabling the buyer immediate entry into a high-demand downsizer and aged care market.”
A 9,825sqm site in Rothwell, a suburb of Moreton Bay, north of Brisbane, with development approval for 97 retirement living units over three storeys, has been sold.
The land was purchased by an undisclosed Victorian-based aged care group from Paul Singer’s HT Retirement, which owns and operates Mount Gilead Estate, Gibraltar Park and Camden Grove in Sydney’s southwest region, in an off-market deal negotiated by Sam Biggins and Clem Stack of Knight Frank.
The site, which was formerly the Frawleys Tennis Club, was put up for sale in July.
Sam said the Victorian-based aged care group was identified as a potential purchaser given the site’s approval for 97 retirement living units which strongly suited their national acquisition mandate.
“The existing development approval significantly derisked the site, enabling the buyer immediate entry into a high-demand downsizer and aged care market,” he said.
“The property is located with Queensland’s third fastest growing residential region, supported by a median house price of $875,000. It offered land on a scale that was incomparable to any surrounding parcels of land, hence offering developers a rare opportunity.”
Zoned specialised centre under the Moreton Bay Regional Plan, the site also allows for alternative uses including a medical centre development, quick service retail or similar low-intensity commercial uses, subject to council approval.
