Residential village purchased by the State of Queensland

The State of Queensland Department of Housing has purchased a vacant residential village in Loganholme for $44 million including GST.

Located at 3745 Pacific Highway, Tanah Merah Village sits on a 23,030sqm site and was developed over three stages in 2008, 2010 and 2018.

The village comprises 124 apartments, a large community centre, a fully equipped commercial kitchen, a pool, an AV room, a salon and a library. Included was also a 6,297sqm land parcel offering further development.

CBRE’s Will Carman, Adelaide O’Brien of CBRE’s Brisbane Metropolitan team and Marcello Caspani-Muto, Sandro Peluso and Jimmy Tat of CBRE’s Australian Healthcare & Social Infrastructure brokered the deal on behalf of Aveo.

“Given the record low residential vacancy level in Loganholme, this property was highly sought after and one of our most contested campaigns of 2023,” Mr Carman said.

“The State of Queensland intends to use the site for affordable housing. While offers higher than the sale price were received, Aveo proceeded with the State of Queensland due to the heightened social need for this infrastructure.”

“The property was available in one line and drew interest from multiple sectors including build-to-rent, private residential, student accommodation and social and affordable housing,” Ms O’Brien added.

The sale translates to $354,839 inc. GST per apartment which included 85 one-bed apartments and 39 two-bed apartments.