This article is from the Australian Property Journal archive
A 4.069ha development site in Rochedale has sold for the first time in over 27 years for $10.8 million to residential aged care and retirement living operator TriCare.
JLL’s Sam Byrne sold the property located at 20 Ford Rd on behalf of a local family. It was offered to the market late last year and has just settled.
“The interest was very strong,” Byrne said. “We received over 80 enquiries from local, interstate and off-shore developers, which eventuated into five competitive bids being received.
“The purchaser, privately owned residential aged care and retirement living operator TriCare, moved swiftly to acquire the land holding which neighbours their proposed retirement community.”
Byrne said that since the rezoning of Rochedale, there had been a major transformation of the suburb with multiple new housing estates proposed and completed, which has attracted further attention for development. Rochedale has undergone extraordinary population growth, which according to the Government’s statistician’s office, is forecast to triple by 2036.
“There are many domestic and off-shore developers with active mandates to enter the Rochedale market, looking to capitalise on the strong demand for land and new houses within the suburb.” Bryne concluded.
Australian Property Journal
