A former horse paddock at Mitchelton has sold for $9.9 million to a retirement living operator in the north-west Brisbane suburb.
The site’s 312m frontage to Kedron Brook and a nearby shopping centre provided amenity for the buyer, with an approval for 196 apartments in place.
Traders in Purple bought plans for the site in 2021 but retirement living provider Southern Cross Care has now put its foot on the site for almost $10 million.
The Colliers Queensland residential development site sales team of Troy Linnane and James Matley put together the deal for 1A Northmore Street, Mitchelton.
Linnane said the site, about a 30-minute drive from the CBD, had attracted strong interest from developers and aged-care providers.
“This was a particularly rare site as it is located in an established residential area with expansive views over the Kedron Brook and parklands and close to the Brookside Shopping Centre,” Linnane said.
“The fierce buyer interest reflected the market demand for infill residential development sites.”
Linnane said the existing approval for 196 apartments had provided strong incentive for purchasers.
“We received 10 offers from apartment and townhouse developers as well as aged-care groups, with the ultimate buyer planning to provide much-needed retirement living on the site,” he said.
Colliers’ James Matley said low vacancy rates and critical housing shortages in south-east Queensland were driving strong demand for development sites, particularly those with approved development applications.
“With Australia’s ageing population and baby boomers reaching retirement age and wanting to downsize, the demand for aged-care living is huge,” he said.
“There are a number of operators who have missed out on this opportunity that we are now looking to place with similar sites.”
Rothelowman’s Ben Pomroy recently told The Urban Developer about the change in design principles underpinning student accommodation and retirement living.
“A mix of modern resort haven, wellbeing, wellness space, lots of natural light,” is how he characterises the new approach.
“A corridor has to be a place where you can hang out, meet your friends and interact. A lounge area needs to be a space people can meet, or be a place for study or quiet time,” he said.
“Every element now needs to serve multiple purposes.”
