JLL finalises $10.8 million sale in Rochedale Queensland
Aged care and retirement living operator TriCare secures development site in Brisbane’s south-east
A 4.069ha development site in Rochedale has been sold for $10.8 million by JLL Senior Executive, Metropolitan Sales & Investments Sam Byrne.
On behalf of a local family who had held the property for over 27 years, 20 Ford Road was taken to the market late last year via an expressions-of-interest campaign.
“The interest was very strong,” Mr Byrne said. “We received over 80 enquiries from local, interstate and off-shore developers, which eventuated into five competitive bids being received.
“The purchaser, privately owned residential aged care and retirement living operator TriCare, moved swiftly to acquire the land holding which neighbours their proposed retirement community.”
Mr Byrne said that since the rezoning of Rochedale, there had been a major transformation of the suburb with multiple new housing estates proposed and completed, which has attracted further attention for development.
Rochedale has undergone extraordinary population growth, which according to the Queensland Government Statistician’s Office, is forecast to triple by 2036.
“The suburb’s median house price is in excess of $1 million; this is the same range as some of Brisbane’s most affluent suburbs such as Hamilton and Hawthorne,” Mr Byrne said.
The Coles-anchored Rochedale Town Centre is currently under construction and is due for completion in late 2019.
The centre will include specialty tenancies along with various entertainment, dining and parkland facilities which will bolster amenity for local residents.
“The Rochedale Town Centre being developed by Coles Group Property Developments will help attract new residents to the suburb,” he said.
“There are many domestic and off-shore developers with active mandates to enter the Rochedale market, looking to capitalise on the strong demand for land and new houses within the suburb.”
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com