A 9,825sq m site in Moreton Bay, north of Brisbane, that used to be the Frawleys Tennis Club has sold.
The property at 56 Coman Street in Rothwell, around 40 minutes north of the Brisbane CBD, is approved for a retirement living development, consisting of 97 units, with the approval valid until July 2030.
It was purchased by the Victorian-based aged care group from a Sydney-based private investor in an off-market deal negotiated by Sam Biggins and Clem Stack of Knight Frank.
Mr Biggins said the Victorian-based aged care group was identified as a potential purchaser given the site’s current approval for 97 retirement living units which strongly suited their national acquisition mandate.
“The existing development approval significantly derisked the site, enabling the buyer immediate entry into a high-demand downsizer and aged-care market,” he said.
“The property is located with Queensland’s third fastest growing residential region, supported by a median house price of $875,000.
“It offered land on a scale that was incomparable to any surrounding parcels of land, hence offering developers a rare opportunity.
“In the current market we are seeing high demand for development opportunities with approvals in place.”
Mr Stack said the bayside landholding was positioned at the cusp of the Redcliffe Peninsula with exceptional local amenity access.
“The site is close to the Redcliffe Hospital, which is currently undergoing an expansion, Westfield North Lakes and Rothwell Rail Station, enhancing connectivity and long-term growth,” he said.
“It is also close to Deception Bay Road, the precinct’s primary connecting arterial road.”
Zoned specialised centre under the Moreton Bay Regional Plan, the site also allows for alternative uses including a medical centre development, quick service retail or similar low-intensity commercial uses, subject to council approval.
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