This article is from the Australian Property Journal archive
AGED care group Aveo has offloaded another of its vacant Queensland retirement villages, this time netting $18 million plus GST from the sale of the Tweed Fairways facility.
The 4,481 sqm property at 1-3 Soorley Street, Tweed Heads was sold through CBRE’s Will Carman, Marcello Caspani-Muto, Adelaide O’Brien, Jimmy Tat and Mark Witheriff.
The property was originally developed in 2007 and has undergone significant refurbishment for its most current use as a retirement living apartment complex, comprising 70 one-bed private rooms with ensuites, kitchenettes and laundries.
The sale comes hot on the heels of Aveo divesting the vacant Tanah Merah Village in Loganholme for $44 million to the Queensland government, which will use the 23,030 sqm site for affordable housing.
Carman said the purchaser of Tweed Fairways was a private investor who will similarly be leasing the property as short-term accommodation and affordable housing.
“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 appealed to multiple sectors including private residential, social and affordable housing and aged care,” Carman said.
CBRE numbers show volume of vacant seniors living, and healthcare assets continues to climb, and 2023 volumes surpassed previous records from 2022.
“We expect a similar transactional volume in 2024, however with increased volumes across the Queensland market as it continues to build momentum and begins to keep pace with the dominant activity we saw across Victoria between 2020 and 2023,” Caspani-Muto said.
The Tweed Fairways retirement village transaction converts to $257,000 per unit.
