Tweed Fairways retirement village sold with vacant possession

Aveo, Australia's leading and most innovative retirement living provider, has sold Tweed Fairways retirement village for $18 million plus GST with vacant possession.

The 4,481sqm property is located at 1-3 Soorley Street Tweed Heads.     

The property was originally developed in 2007 and has undergone significant refurbishment for its most current use as a retirement living apartment complex comprising 70 one-bed private rooms with ensuites, kitchenettes and laundries.  

CBRE’s Will Carman, Marcello Caspani-Muto, Adelaide O’Brien, Jimmy Tat and Mark Witheriff brokered the deal on behalf of Aveo.

“Rising construction costs aside, town planning and development in areas like Tweed Heads can be time-consuming and highly challenging so to have the opportunity to secure an existing high-quality building of this nature appealed to multiple sectors including private residential, social and affordable housing and aged care,” Mr Carman said.

“Our end purchaser was a private investor who will be leasing the property as short term accommodation and affordable housing.”

Mr Caspani-Muto added, “Nationally the volume of vacant seniors living, and healthcare assets continues to climb. 2023 volumes surpassed previous records from 2022. We expect a similar transactional volume in 2024, however with increased volumes across the QLD market as it continues to build momentum and begins to keep pace with the dominant activity we saw across Victoria between 2020-2023.”

The Tweed Fairways retirement village transaction converts to $257,000 per unit and follows the recent sale of Aveo’s Tanah Merah retirement village in Loganholme Queensland for $44 million inclusive of GST by the same CBRE team.