Former New Farm Ozcare home for sale with interest from high-end apartment developers
A rare large development site in Brisbane’s inner city is on the market with expectations of a multimillion dollar windfall for vendor – a well known aged care provider.
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A long-term aged care facility in an exclusive inner city Brisbane suburb is being demolished, with the site to go on the market with expectations it will become a high-end apartment development.
After almost 30 years Ozcare has closed its Palm Lodge aged care home at 424 Bowen Tce, New Farm, with residents moving to a property at 43 Evelyn St in nearby Newstead which has the same number of beds.
The St Vincent de Paul Society organisation elected to put the 5727 sqm site on the market with expectations of a multimillion-dollar windfall.
Funds from the sale will be used to develop more aged care facilities for some of Queensland’s most vulnerable senior citizens.
Colliers’s Brendan Hogan, who is marketing the property with Troy Linnane and James Matley and Gallus Partners agent John Shepherd, said it was a premium site but refused to reveal price expectations.
“As the only available residential development site of this scale offered in New Farm for more than a decade, this site offers the opportunity to create something very special on a cleared and vacant site in the heart of New Farm,” he said.
“Positioned in an unrivalled location, it has unmatched potential for luxury apartments, townhomes and/or freehold homes, currently zoned as low-medium density residential.”
The site has more than 200m of street frontage to Bowen Tce, Langshaw St and Moreton St.
Currently the weighted average sale price for off-the-plan apartments within inner Brisbane was $1,910,880.
Mr Shepherd said the site was a “blank canvas” for visionaries looking to create Brisbane’s next architectural icon, a truly once-in-a-generation opportunity in a suburb that
consistently breaks records.
Mr James Matley said with supply of new product at record lows across Brisbane it is forecast that inner Brisbane will experience a shortfall of about 14,000 apartments over the next four years.
“With the New Farm median house price sitting at $2.77m and revenues for brand new luxury apartment product in New Farm now sitting at new benchmarks, and witnessing continued growth across recent project releases, this site is sure to be well received by the market,” he said.
The expressions of interest campaign closes November 28.
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Originally published as Former New Farm Ozcare home for sale with interest from high-end apartment developers
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