The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
Real EstateTaryn ParisSun 08 Dec 24

Southern Cross Care Nabs Mitchelton Retirement Site

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.

1A Northmore Street Mitchelton, QLD
▲ Traders in Purple’s plans for the site comprised vertical retirement villages.

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.”

Retirement & Aged CareBrisbaneReal EstatePre-constructionDeal
AUTHOR
Taryn Paris
More articles by this author
ADVERTISEMENT
TOP STORIES
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
View All >
Third.i Crows Nest Dolls House render EDM
Build-to-Rent

Thirdi Scraps Office Tower for Crows Nest Over-Station Site

Vanessa Croll
Hotel

Perth Hotel New Role Revealed After $105m Sale

Lindsay Saunders
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
Top marks for developer’s move from ‘crammed’ city towers to spacious suburban student accommodation…
LATEST
Third.i Crows Nest Dolls House render EDM
Build-to-Rent

Thirdi Scraps Office Tower for Crows Nest Over-Station Site

Vanessa Croll
4 Min
Hotel

Perth Hotel New Role Revealed After $105m Sale

Lindsay Saunders
2 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Kangaroo Point Aria Canopy House Revised DA Approval hero
Development

Aria’s Revised Tower Greenlit for Inner-City Kangaroo Point

Phil Bartsch
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/michelton-site-sold-retirement-village-queensland