CBRE are poised to launch an unprecedented seniors living or general accommodation opportunity to Australia’s commercial investment and owner occupier market.
The subject property being labeled as Tanah Merah Village features existing improvements which would easily cost north of $60,000,000 to re-build in today’s construction environment as estimated by the selling agents.
The property located at 3745 Pacific Highway, Loganholme QLD is being marketed by CBRE’s Brisbane Metropolitan Investments team of Will Carman and Adelaide O’Brien and CBRE’s Australian Healthcare & Social Infrastructure business of Marcello Caspani-Muto, Jimmy Tat and Sandro Peluso.
Tanah Merah village features an underlying land area of 2.3ha* in addition to 124 modern residential apartments spread across three fully accessible and interconnected buildings constructed between 2008-and 2018. The 124 apartments are also a mixture of 1 and 2 bedroom offerings with an average unit size well above industry standard (Minimum of 51sqm).
Marcello Caspani-Muto said “Nationally the volume of vacant seniors living and healthcare assets continues to climb. We saw record volumes of transactional activity in 2022 and we are on-track to surpass this in 2023. QLD in particular is now beginning to see the most notable uplift in activity matching what we saw in Victoria during 2021 and 2022. Tanah Merah village represents a crescendo in market activity and is undeniably the highest quality vacant asset of it’s type offered to the vacant investment and owner occupier market in recent history. The property us suited to a myriad of users across single and multi-use platforms from healthcare and seniors living users all the way to residential accommodation providers.”
Adelaide O’Brien said “As South East Queensland faces a major housing crisis with vacancy sitting at an alarmingly low rate of 0.9%, we are expecting demand from residential investors as well as built to rent groups. South East Queensland has excellent fundamentals to support the build to rent thesis, and while there is plenty of capital keen to enter the market, they continue to grapple with the cost of construction in today’s market.”
Will Carman said “The improvements on offer are some of the most valuable we have ever seen in the Queensland investment market. You could not feasibly build a project of this size in the current construction environment, that is assuming you can even find a builder willing to take on this type of development in the Brisbane market, something which is proving incredibly difficult for most developers across QLD as it stands today. Couple this value with a notable underlying land area which still features a substantial volume of surplus land for future development or extensions, these feature position the property as one of the true generational opportunities we have seen across the QLD market in 2023.
3745 Pacific Highway, Loganholme QLD is being offered for sale via Internationally expressions of interest closing on July 20.
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