Developer buys ex-Toowong Private Hospital
The ex-Toowong Private Hospital in Brisbane’s inner-west has been sold on behalf of liquidators and will now make way for apartments.
Local developer Carbon Property Group picked up 496 Milton Road, Auchenflower, for $12.2 million.
Colliers’ Troy Linnane, Brendan Hogan and Chris O’Driscoll were the agents.
EY Parthenon is handling the insolvency.
Apartments planned
The hospital closed in June 2025, after almost 50 years providing mental health treatment.
Rising psychiatric-care operating costs and the effects of COVID contributed to thin margins between FY22 and FY24, with the operator surrendering its private-hospital licence before entering voluntary administration.
Opposite Wesley Hospital, also exposed to Cadell Street, it contains a hospital, medical centre and dwelling (continues below).
The site spans 5835 square metres, zoned Low-Medium Density Residential.
“Large development sites in established inner-city suburbs with the attributes this property offers are becoming increasingly difficult to secure and, when they do come to market, competition is fierce, as we saw through this campaign,” Mr Linnane, said.
“Strong population growth across South East Queensland combined with Brisbane vacancy rates below one per cent is intensifying demand for well-located residential development sites,” according to the executive.
“The buyers recognised the opportunity to unlock the site’s potential for a new apartment development in one of Brisbane’s most sought-after lifestyle precincts,” he added.
Auchenflower is about four kilometres from Brisbane’s CBD.
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