This article is from the Australian Property Journal archive
A VACANT residential village in Queensland’s Loganholme has been snapped up by the state government for $44 million.
Tanah Merah Village, located at 3745 Pacific Highway, occupies a 23,030sqm site, was developed over three stages in 2008, 2010 and 2018 and comprises 124 apartments.
Additionally, the village includes a large community centre, a fully equipped commercial kitchen, a pool, an AV room, a salon and a library.
The sale translates to $354,839 including GST per apartment which included 85 one-bed apartments and 39 two-bed apartments.
Will Carman, Adelaide O’Brien Marcello Caspani-Muto, Sandro Peluso and Jimmy Tat from CBRE brokered the deal on behalf of leading retirement living provider, Aveo.
“Given the record low residential vacancy level in Loganholme, this property was highly sought after and one of our most contested campaigns of 2023,” said Carmen.
“The State of Queensland intends to use the site for affordable housing. While offers higher than the sale price were received, Aveo proceeded with the State of Queensland due to the heightened social need for this infrastructure.”
The Queensland state government has made a $5 billion commitment to help deliver 13,500 homes across the state in a landmark housing investment.
The sale, which included GST in the $44 million price tag, also included a 6,297sqm land parcel offering further development potential.
“The property was available in one line and drew interest from multiple sectors including build-to-rent, private residential, student accommodation and social and affordable housing,” said O’Brien from CBRE’s Brisbane Metropolitan team.
