The mutual organisation secured the rights to the high-profile Herston Quarter development over a joint venture between Lend Lease and Trinity Health.

The inner-city site had been hotly contested with Singapore’s Frasers Property also vying for the tender. The Australian reported last year that Stockland had been forced out of contention too.

The Herston Quarter sits adjacent to the Royal Brisbane and Women’s Hospital and the masterplan for the five-hectare site includes a range of health, hospital and aged-care services including residential aged care and retirement living accommodation.

Investments Chief Executive Officer David Bryant says the project would be completed in multiple stages over five to ten years.

Australian Unity has a good track record in building medium-density aged care, retirement living and wellbeing precincts on the one site, with its Rathdowne Place development in Melbourne’s inner-city Carlton a prime example.