Philip Usher Constructions sold a huge 1.484-ha site at 8-16 Admiral Crescent, Tugun on the southern Gold Coast.
Developers have snapped up prime land neighbouring a major hospital on the Gold Coast for $14.5m, with the buyer planning to scrap aged care approval for a lucrative townhouse development.
Philip Usher Constructions sold the huge 1.484-ha site adjoining John Flynn Hospital to a locally based development group, which is understood to be planning to convert the existing approval into a townhouse development.
8-16 Admiral Crescent, Tugun.
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The sale was managed by Ray White Special Projects Queensland, with Matthew Fritzsche, Mark Creevey and Tony Williams handling the transaction.
The campaign attracted 89 enquiries and multiple offers from both local and interstate groups.
Mr Fritzsche said the level of competition reflected the strength of the southern Gold Coast development market.
The campaign for the southern Gold Coast block attracted 89 enquiries and multiple offers.
“This was one of the most competitive campaigns we’ve run on the southern Gold Coast, with strong interest from a broad range of buyer profiles,” Mr Fritzsche said.
“The site appealed to groups looking to deliver aged care under the current approval, as well as those exploring alternative outcomes such as townhouses or apartments, given the underlying zoning and proximity to critical health infrastructure and Gold Coast beaches.”
Mr Creevey said the continued performance of the southern Gold Coast apartment and medium-density market was a key driver of buyer demand.
“The southern Gold Coast apartment market continues to perform strongly, and that was clearly evidenced throughout this campaign,” Mr Creevey said.
“Buyers were drawn to the combination of scale, flexible planning outcomes and the site’s immediate adjacency to John Flynn Private Hospital.”
The site neighbours John Flynn Private Hospital. Picture: Supplied.
Mr Williams said that the site’s strategic location near health, transport and lifestyle amenities significantly broadened its appeal.
“Opportunities like this, next to a major hospital and within minutes of the beach, airport and motorway access, are exceptionally tightly held,” Mr Williams said.
“That combination supported a very competitive process and an outstanding result for our client.”
The site is zoned medium density residential and currently has development approval for a 154-suite residential care and retirement facility, with an approved six-storey building height. Alternative potential development options include residential apartments, townhouses, build-to-rent, specialised disability accommodation and community housing.