RetireAustralia pays $16.65m for the former Beth Eden village in Graceville
A leading retirement community operator has redevelopment plans after buying a historic riverfront property; and a dilapidated motel in South Brisbane has been bought by a renown developer/ WELCOME TO HOT PROPERTY.
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A leading owner, operator and developer of retirement communities has secured a riverfront site with a heritage building in Brisbane’s inner west which it will redevelop.
According to CoreLogic RetireAustralia paid $16.65m for the 2.48h site at 19 Bell Tce, Graceville. which was previously occupied by a former aged care facility and retirement village known as Beth Eden. It had been vacant for a year.
It was owned by Bethany Christian Care, which had owned it for 19 years with the centrepiece of the Graceville property being Verney House, a heritage-listed two-level
former residence that was built in 1888 and has been converted to offices and aged care
accommodation.
The site, which is also home to heritage listed stables, among other buildings, was sold following an expressions of interest campaign run by Knight Frank’s Christian Sandstrom and Sam Biggins.
RetireAustralia is planning a high-quality retirement living and integrated care development centred around the refurbished heritage-listed Verney House on the site.
The proposal is an opportunity to design and deliver a modern seniors’ housing environment that responds to the changing needs and expectations of an ageing population.
As well as a full refurbishment of the heritage-listed Verney House and old Stables, the development proposal for the Graceville site includes three residential buildings of four storeys each, which will provide 101 independent living units and a 10-suite Care Hub.
The Care Hub will be a boutique homelike care environment offering higher level of care from a nurse-led team on site.
The dwellings are planned to be complemented with communal spaces offering social and wellness opportunities, including a pool, residents’ pocket park and beautiful landscaping.
RetireAustralia’s chief executive Brett Robinson said there is a shortfall of seniors
living supply in this area compared more broadly to South East Queensland.
“We have worked closely with an expert design team and are excited to propose a place which will support a thriving community of older Australians able to live the life they choose in their own home.
“We will be the only seniors’ living provider in the catchment offering independent living with the continuum of care services.”
Mr Sandstrom said the property is the largest privately owned, Brisbane riverfront freehold land parcel within this proximity to the Brisbane CBD and attracted significant interest from a broad range of parties when offered to market.
Land bank strategy
A former South Brisbane motel in much need of some TLC has been acquired by a leading developer as a long-term land banking asset.
According to CoreLogic, Pellicano Living paid $20m for the late 1990s style 3-star 55-room Sapphire Resort at 55 Boundary St.
The property is on a 3645sqm corner site and the deal was brokered by Cushman & Wakefield’s Michael and Andrew Gard.
Michael Gard, who refused to reveal the new owner, said the transaction was struck on a cash unconditional basis and the new owner would continue to operate the property.
“South Brisbane is one of Brisbane’s premier suburbs and we continue to see major demand from local, national and international groups looking to secure property in the suburb,” he said.
“We had been working with the buyer and understood their mandate who moved expediently to secure the asset in an off-market transaction.”
The sale reflected a site rate of $5487/sqm.
Mr Gard said the property was developed, owned and operated by a private group.
“A lot people had a hard time during Covid with the tourism and travel market,” he said.
“So the owners had run it for a long time and were ready to move on.”
Pellicano Living is part of the Pellicano Group which is an award-winning construction, property development, property management and funds management business which is based in Victoria and Queensland.
With Perri Projects, the family business is behind the $700m-plus masterplanned South City Square development at Woolloongabba. which when completed will have delivered seven buildings ranging between 15 and 18 storeys plus retail and entertainment.
Andrew Gard said the property has favourable PC1 Principal Centre zoning.
“The buyer understood the rarity of a property like this in South Brisbane and secured it with an unconditional contract” he said.
“It was an attractive opportunity to the buyer given the liveability of the area with immediate access to West Village and Fish Lane retail amenity.”
Mix-use gem sold
A recently completed childcare-anchored mixed-use property has been snapped up by a high net worth Victorian investor with an eye on the population boom west of Brisbane.
He paid $15m for The Hub at 41 Queen St, Goodna, after a targeted campaign by Nick Wedge and Chris O’Driscoll on behalf of the developer East Coast Invest which specialises in the retail, medical and childcare sectors.
Mr Wedge said it was rare for a new essential services style asset to be offered to the market.
“This site presented a great opportunity for astute investors to purchase a trophy, generational holding,” he said.
“We carried out a tailored off-market process to 20 investors on behalf of the developer, with all parties showing interest in the asset offering a 6.26 WALE (Weighted Average Lease expiry) by area.
“The surge in population has fuelled the demand for essential service assets, strengthening the
position as a viable investment opportunity.”
The property has some vacancies and they were offered with rental guarantees. The sale realised a yield of 6.56 per cent.
On a 6459sqm site the 2300sqm purpose built property was anchored by 112 place Kids Early Learning Centre, Cafe 63 and Prime Performance Physiotherapy and was opened late last year.
Colliers Healthcare and Retirement Living National Director Chris O’Driscoll said the development focused on the two complimentary components of health and childcare with a supporting Cafe.
“The asset offered significant depreciation benefits and appealed to generational, trophy investors looking for a defensive asset class in a high growth corridor,” he said.
“The Hub allows businesses to co-locate with like-minded and complimentary neighbours, providing the ability to consolidate a health community second to none.
“The involvement of active institutional investors in this price point, that also attracts high net worth individuals, has resulted in significant yields in past years, with this off-market sale seeing a great result for both the seller and the purchaser in a strong performing sector.
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