Not for profit sells ex-nursing home to developer
The St Vincent de Paul Society of Queensland has sold New Farm’s ex-Palm Lodge aged care home after relocating residents nearby.
Via its Ozcare arm, the not for profit is speculated to be banking more than $15 million for the 5727 square metre holding, 424 Bowen Street, also known as 7 Moreton St.
Sydney based Fortis is the buyer with plans for 74 apartments in five storey buildings and four standalone dwellings.
Colliers’ Brendan Hogan and Troy Linnane with Gallus Partners’ John Shepherd were the agents.
Ozcare occupied 424 Bowen St for over 30 years; residents recently relocated to a new $165m vertical facility, Rendu Towers, at Newstead.
Another New Farm deal
Zoned LMR2 – Low-Medium Density Residential – part of the Fortis block faces Langshaw St.
The deal comes seven months since the suburb’s Rivoli Theatre site – 2156 sqm at 562 Brunswick St, zoned DC1 District Centre – traded for $10.45m – $4847 per sqm.
Last September meanwhile, the state government outlaid $9.5m for a low rise apartment complex at 405 Bowen St.
That land was also zoned LMR2.
Also today we are reporting a former Brennan IT data centre at nearby Fortitude Valley has sold following a campaign to lease it.
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