This article is from the Australian Property Journal archive
THE NorthWest Healthcare Properties-managed Vital Healthcare Property Trust has paid $9.4 million for a Gold Coast development site within the Coomera health precinct that has been earmarked by Queensland Health for a new public hospital to service the fast-growing south east.
The site at 187-195 Foxwell Road, on the corner of George Alexander Way, was acquired from developer, Silverstone Developments, which purchased the property in 2018 for $2.83 million and completed infrastructure works including access and service roads.
Silverstone Developments had also lodged an application for a medical/mixed-use development prior to the sale of the property. Vital has indicated it will undertake a master planning process for a 6,000 sqm medical office building as part of stage one development, pending approvals for the revised medical centre proposal.
The off-market deal was managed by Cushman & Wakefield’s Mike Walsh and Peter Court.
Vital has made several purchases recently, including the four-level, 147-bed private hospital in Epworth, Camberwell for $82.7 million, and two other development sites in south east Queensland for a total of $11.4 million.
Silverstone Developments’ development manager, Luke O’Dwyer, said Silverstone made the strategic decision to divest the Coomera site to Vital so the business can focus on existing developments in the inner city Brisbane market.
