The Tanah Merah retirement village in Loganholme, 30km south of Brisbane, is the third site sold by Aveo to the Queensland Government for social housing.
The community, previously known as Tree Tops, had been acquired by Aveo when it purchased Freedom Aged Care in 2016. The $44 million (inclusive of GST) acquisition of the 23ha site provides 124 modern one- and two-bedroom apartments with modern lifestyle amenities including a pool, commercial kitchen and community centre. There is an opportunity for further development in an adjoining 6,297sqm land parcel included in the sale.
The SOURCE reported in July last year that Tanah Merah was for sale.
“The expression of interest campaign for the property was strong, attracting competitive bids from multiple parties well above the offer made by the State Government,” said Aveo CEO Tony Randello (pictured), President of the Property Council’s Retirement Living Council.
“Knowing the government’s intention was to use the site for affordable housing, and the greater social need for new supply at this time, we were happy to proceed with the sale at the lower value.”
Tony said the strategic decision to sell the community aligned with Aveo’s approach of regularly reviewing its portfolio to meet the evolving needs of existing and future residents.
The QLD Government bought the closed Aveo Freedom Aged Care Clayfield, 6km northeast of Brisbane’s CBD, for $9.4 million in December 2022. It then paid Aveo $10.6 million for the former Freedom aged care centre in the city of Toowoomba, QLD, also late in 2022.
You can find retirement villages in Queensland on villages.com.au.
