What your RSL beer money is achieving
THE RSL is to develop a residential care village at Bundall after buying a high-profile site at the head of a canal for $8.85 million.
The Bundall Rd holding, which also has frontages to Boomerang Cres. and Binda Place, is adjacent to the Sorrento Shopping Village.
The site is approved for 57 one and two-bedroom apartments set in buildings of up to three levels.
Lachlan Harris, of CBRE, yesterday said that the RSL was expected to move quickly into a development phase.
Mr Harris, who sold the site in tandem with CBRE colleague Phil Smith, said the RSL headed off several would- be buyers, including Gold Coast residential developers.
“What’s planned on the site will be fantastic for the area.
“I believe it will be a drawcard for a lot of downsizing retirees in the Sorrento, Bundall, Benowa area.”
Mr Harris said there was high demand for investment in the aged-care sector due to government subsidies.
“This is against a backdrop of an ageing population and major movement of retirees to the Gold Coast.”
The RSL site spans 6419 sqm spread over seven house titles put together by Mark Howard.
The properties, according to property records, were bought for $7.31 million 18 months ago by WH Sorrento, a company owned by Brisbane investment adviser Dominic Cronk and Burleigh resident Alan Davie.
The RSL price of $8.85 million does not include GST.
Mr Howard, who is completing a major apartment project on a former nursery site at Benowa, managed the development application process for what was tagged the Sorrento Quays village.
The approval includes a recreation facilities wing, dining area, meeting rooms, lounges, a pool overlooking the canal, and a full-time nursing station.
The basement will house 68 cars and there will be eight ground-level visitor bays.
Mr Harris said the houses on the site were returning $197,000 a year gross.