Queens Park Retirement Village an attractive proposition2 May 2023
Part of a notable retirement village in one of Sydney’s most sought-after locations has come to market.
Queens Park Retirement Village offers the freehold strata ownership of 27 of the 42 lots, with the substantial allotment enjoying versatility in its usage and potential upside via repositioning.
Adjoining a newly developed BUPA Aged Care Facility, the village is well established across a sizeable 2,248sqm block providing independent living units and fully serviced apartments, with the facility undergoing several recent refurbishments.
The Colliers team of James Cowan and Matthew Meynell have the exclusive listing on behalf of Lifestyle Care Services, with price expectations in the mid to high teens.
“The value of Queens Park Retirement Village is underpinned by a large parcel of land within an established and high performing demographic. However, with the average length of stay for serviced apartments in the vicinity of 6-8 years, and unit prices at an affordable price point of $600,000, the proposition is well equipped to also generate favourable cashflow upside to an incoming purchaser,” Director at Colliers James Cowan said.
Each of the apartments includes built in wardrobes, living areas, split system air conditioning and typically have kitchenettes. The one-bedroom units range in size from 30sqm to 44sqm, and the two bedroom units are 65sqm.
With a total internal strata area of 1,567sqm, the facility is built to a high standard across three interconnected two-storey buildings with communal facilities including a central lounge area with library, dining room with commercial kitchen, salon, common laundries and various sitting rooms throughout. There is also an outdoor pool.
Situated on the high side of Carrington Road, the village is positioned immediately opposite Queens Park, a 26-hectare urban park with panoramic views of the Sydney region.
Close to the village is the Randwick Medical Precinct, which includes two major infrastructure projects being the redevelopment of the Sydney Children’s Hospital and the $1.5 billion Randwick Health and Innovation Precinct.
140 Carrington Road will be sold via an Expressions of Interest campaign closing 3:00pm on Thursday, June 1 2023.