Aura Australia Management purchased a 9,154 square metres site in Maroochydore for $6 million with plans to develop an apartment style retirement village development aimed at active retirees.
The vacant corner site at Anzac Avenue and Baden Powell Street Site has Council approval for 123 apartments with two and three bedroom configurations, delivered across four separate four storey apartment buildings.
Brisbane’s private equity firm Blue Sky has recently joined forces with Tim Russell and Mark Taylor from Aura to create, develop and operate retirement villages.
“We are excited with the purchase of this site as it fits well with our strategy of positioning our retirement assets close to shopping, leisure and entertainment facilities,” said Tim Russell.
“The plan is to amend the current approval to suit a retirement style development with relevant facilities, however we are likely to maintain a similar number of apartments.
“The site is also within 100 metres of the new Stella Maris Aged Care facility which is due to open in early 2017 and will provide residents who may need a higher level of care with the opportunity to be in close proximity to these services.
“Our focus is on developing new village infill locations along the eastern seaboard which will eventually form part of an 800-unit portfolio.
“It includes a recently acquired Kingsford Terrace project, this site, as well as four additional greenfield developments which are currently in the pipeline,” Mr Russell said.
Baydn Dodds and Nick Dowling of Colliers International on the Sunshine Coast handled the site sale via an off-market Expressions of Interest campaign.
“We received solid levels of developer interest for the site, with retirement groups submitting the majority of offers,” said Mr Dodds.
“The fact that the approval offered the ability to sub-stage the development across four separate buildings really appealed to the market.
“This is also the last available site of this size in such a central location with proximity to Sunshine Plaza, Cotton Tree and the upcoming Maroochydore city centre development SunCentral,” said Mr Dodds.
The site was the original home of the Maroochy Swan Bowls club which closed in 2011 and was sold by Maroochy RSL in 2014.
Originally Published: https://www.theurbandeveloper.com