Arcare buys another development site
The Knowles family’s Arcare has bought another development site, this time in Brisbane’s Moreton Bay.
The Melbourne-based boutique aged care group paid $6.05 million for 56 Coman Street, South Rothwell, following an off-market deal.
Until 2017 the Frawleys Tennis Club, the 9825 square metre Specialist Centre zoned block is permit ready, and set to make way, for a 97 unit retirement living community.
Also allowed is a 147 bed aged care or supported living facility.
The seller paid $3.025m in 2016.
It was represented for the sale by Knight Frank’s Sam Biggins and Clem Stack who, given the zoning, also targeted residential, quick service retail, office, childcare and medical centre developers.
The property failed to sell following a public campaign mid-last year by another agency.
Arcare was established in 1997 though the Knowles family has held aged care product since the late 1960s.
In 2007, John, Russell and Graham Knowles, and Ian Ball, sold their Australian Retirement Communities, or ARC, business, to Stockland (continues below).
Another bayside site
The South Rothwell deal comes 10 months since we reported Arcare bought the ex-Rehabilitation Hospital, in Melbourne’s Brighton.
Also including three standalone homes, that 5973 sqm amalgamation set it back c$20.9m
Meanwhile in January, the developer and operator snapped up Essendon’s ex-Boundy’s supermarket.
On 4010 sqm zoned Commercial 1, a high density aged care facility is expected there.
South Rothwell is about 35 kilometres north of Brisbane’s CBD.
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