AU suffers hit on Brisbane land sale
Australian Unity has sold another asset from the Healthcare Property Trust.
The asset manager banked $12.5 million for the Meadowbrook site known as 224 Loganlea Road or 18 Nestor Drive.
It paid $12.705m for the 1.62 hectare parcel opposite Logan Hospital in mid-2023 – about three years since the land was earmarked for a private hospital.
The parcel was marketed this time around for its potential to make way for an alternative project, including residential.
“Logan is one of the key population areas in the region with forecasts indicating the population will exceed 500,000 by 2035,” Ray White Commercial’s Tom Barr, who brokered the deal with Matthew Fritzsche, said.
“Under the Meadowbrook Master Plan 2016, the property benefits from a code-assessable building height up to 25 metres with the potential to reach 40m, subject to council approval,” he added.
“Its near-level topography and cleared, decontaminated condition make it development-ready and well-suited for uses including retail, commercial, medical, education, hotel, short stay accommodation, residential, and aged care,” according to the executive.
Meadowbrook is about 25 kilometres south east of Brisbane’s CBD.
Growth corridor
Mr Barr said Logan Hospital is undergoing a $1 billion multi-stage expansion.
“Stage 1 alone is a c$460m investment delivering 206 new beds, while Stage 2 will add another 112 beds as part of a c$530m investment,” according to the executive.
‘This kind of infrastructure growth supercharges demand for complementary health, residential and mixed-use developments,” he added.
The deal comes just over a year since AU for the HPT offloaded a Beenleigh office for a loss on its 2021 outlay.
The asset manager also recorded a loss on an Osborne, Adelaide, office held four years and sites in Melbourne’s inner north Brunswick beside a medical centre it owns.
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