The nation’s leading retirement village operator has banked $18 million plus GST after selling Tweed Fairways private aged care retirement village with vacant possession.
The 4,481msq property, originally developed in 2007, 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.
“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,” said CBRE’s Will Carman, who brokered the deal.
“Our end purchaser was a private investor who will be leasing the property as short term accommodation and affordable housing.”
The sale of Tweed Fairways in Tweed Heads, on the Queensland border, follows a string of freedom properties by Aveo, including:
- $44 million for Tanah Merah retirement village in Loganholme, 30km south of Brisbane;
- $10.6 million for Aveo’s former Freedom aged care home in Toowoomba, 125km west of Brisbane,
- $9.4 million for Aveo’s Freedom Aged Care Clayfield, 6km northeast of Brisbane’s CBD.
Aveo paid Freedom Aged Care $215 million in 2016 for its portfolio and subsequently expanding the model, which gave residents access to 24 hours a day nursing care without the need to move into an aged care home, across its 91 communities.
CBRE’s Marcello Caspani-Muto said: “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 2020-2023.”
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