Aveo offloads another vacant village

Each ex-Tweed Fairways unit sold for c$257,000 ex-GST.

A vacant northern New South Wales aged care village will be converted into short term and affordable housing after selling to a private investor for $19.8 million including GST.

Aveo offloaded the 4481 square metre ex-Tweed Fairways at 1-3 Soorley Street, Tweed Heads South.

A communal dining area at the Tweed Heads South facility.

Developed for the operator in 2007 and later renovated, it includes 70 single or 1.5 bedroom units with ensuites, kitchenettes and laundries.

“Rising construction costs aside, town planning and development in areas like Tweed Heads can be time consuming and highly challenging so to have the opportunity to secure an existing high quality building of this nature appealed to multiple sectors including private residential, social and affordable housing and aged care,” CBRE’s Will Carman, who marketed the property with Marcello Caspani-Muto, Adelaide O’Brien, Jimmy Tat and Mark Witheriff, said,

The deal comes a month since Aveo sold the Tanah Merah facility, in Brisbane’s Loganholme, for $44m including GST.

Early last year, meanwhile, the Department of Human Services paid the operator $9.4m for the ex-Freedom Clayfield, also in the Brisbane capital.

The government also outlaid $10.6m for the former Freedom Bridge Street in Toowoomba’s Newtown (story continues below).

The Tweed Heads South site spreads 4481 square metres.

“Nationally, the volume of vacant seniors living and healthcare assets continues to climb,” Mr Caspani-Muto said.

“2023 volumes surpassed previous records from 2022,” he added.

“We expect a similar transactional volume in 2024, however with increased volumes across the Queensland market as it continues to build momentum and begins to keep pace with the dominant activity we saw across Victoria between 2020-2023,” according to the executive.

Tweed Heads is about 30 kilometres south of the Gold Coast.

The ex-Tweed Fairways sold in December.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.