Not-for-Profit Brings New Farm Site to Market

A 30-year-old aged-care facility will be demolished and the site put to market in Brisbane’s inner north-east as its operator pivots to meet the changing face of seniors living.

Ozcare is selling a 5727sq m site at New Farm, less than 3km from the CBD, via an expressions-of-interest campaign.

The Palm Lodge facility on the site has been vacated with residents moving to Ozcare’s “flagship development” Towers at neighbouring Newstead.

The first residents moved into the $200-million, 22-storey towers in June, 2023.

The site at New Farm is in a low-medium density residential zone and has 200m of street frontage at 424 Bowen Terrace.

Ozcare chairman John Forrest said the not-for-profit’s plans for the future included the organisation moving into retirement living with the co-location of aged-care facilities, and the divestment of older properties.

It is working on a facility at West Mackay comprising 39 duplexes and 32 apartments as well as 16 apartments neighbouring its existing aged-care facility. 

▲ The site is less than 3km from the centre of Brisbane.

Colliers Queensland agents Brendan Hogan, Troy Linnane and James Matley with Gallus Partners agent John Shepherd are managing the sales campaign. 

Hogan said the site was the only available residential development site of scale offered at New Farm for more than a decade.

The weighted average sale price for off-the-plan apartments within inner-Brisbane was $1,910,880, while houses at New Farm had a median price at $2,770,000.

In May, Brisbane-based developer Frank Licastro secured approval for a boutique apartment development on a 1074sq m site at 121 Oxlade Drive in the suburb.

The project comprises 12 apartments across four levels with a rooftop pool and wellness facilities.

Meanwhile, the scale and density in neighbouring Newstead is steaming ahead, with Fortis’s 22-storey plans filed in July among the many highrises planned for the rapid growth area.