The 2.93 Hectare* Former Salvin Park Residential Aged Care Facility is located in Carina Heights, 9 km* south east of the Brisbane CBD. The property has 9390m²* of existing building area and 202m* frontage to Creek Road.

The level of interest in response to this offering was very strong with a total of 131 enquires and 40 inspections. The interest came from a variety of groups including the following:

• Private and Public development companies – Looking at redevelopment for multiple unit dwellings
• Student Accommodation developers
• Aged Care Developers and Operators – Undertaking assessment on the basis of either refurbishment or demolishing the existing and building new
• Retail / Commercial – Retail owner operators
undertaking assessment of the site on the basis of the strategic location and proximity to high traffic road networks
• Speculators – looking to derive an income from the existing improvements with medium to long term redevelopment ambitions.

The majority of interest received was from the development sector with a view toward demolition of the buildings and development of a medium density residential product. Most of the feedback suggested that townhouses were the preferred type of product but there had also been feedback that groups may incorporate some smaller components of apartment product. Ultimately the purchaser was an aged care operator who was intending to demolish all improvements and build a new facility.

Sales Analysis*
Method of Sale:Expressions of Interest
Marketing Time Frame:6 weeks
Marketing Budget:$15,702.00
Vendor:BlueCare
Enquiries:131
Inspections:40
Number of Offers:20
Sale Date:April 2014
Sale Price:$11,550,000

 

*approx