This article is from the Australian Property Journal archive
NATIONAL retirement living provider Aveo has listed Tweed Fairways Retirement Village for sale, as it continues to sell down assets.
Located at 1-3 Soorley Street Tweed Heads, the 4,481 sqm retirement village is being offered for sale with vacant possession.
The property was originally developed as a motel in 2007 before undergoing significant refurbishment to be converted to a retirement living apartment complex comprising 70 one-bed private rooms with ensuites, kitchenettes and laundries.
CBRE’s Will Carmen, Marcello Caspani-Muto, Adelaide O’Brien, Jimmy Tat and Mark Witheriff are managing expressions of interest campaign that closes 15th November.
Aveo recently sold the Tanah Merah Village in Loganholme, Queensland through the same CBRE team, while earlier this year – again through CBRE – it sold retirement villages in Windsor and Toowoomba for $10 million each to the Queensland government’s Department of Housing and Human Services.
Aveo was taken over by Canadian giant Brookfield in 2019 in a $1.27 billion deal.
Valuable improvements
“The improvements on offer are some of the most valuable we have seen in the Queensland / NSW investment market,” Carmen said of the new Tweed Heads listing.
“It would not be feasible to build a project of this size in the current construction environment with developers across Queensland in particular finding it very difficult to find builders.
“Couple this with the underlying land area and corner location, it really is a trophy opportunity.”
Record volumes of transaction activity were seen in the sector 2022 and CBRE data shows 2023 is close to surpassing this. Queensland and NSW have seen the most notable uplift in activity, matching Victoria during 2012 and 2022.
Caspani-Muto said the national volume of vacant seniors living and healthcare assets continues to climb.
“Rising construction costs aside, town planning and development in areas like Tweed Heads can be time-consuming and highly challenging so to have the opportunity to secure an existing high-quality building of this nature should be appealing to multiple parties.
Interest is expected from rehabilitation and hospital users, aged care, social housing and more traditional accommodation uses.
