Palm Lake expands
PALM Lake Group — which is the developer of retirement and aged-care communities northwest of Beenleigh — has expanded its holdings in the area.
The company has purchased a 1528sq m block at 50 High Rd, Bethania, for $456,000.
The sale, negotiated by Cushman and Wakefield’s Luke Smith, reflects a square metre rate of $298 (inclusive of GST).
Mr Smith said the rate was due to high demand for land in the area, with prices comparable to Yatala.
Palm Lake Group also owns a 14.88ha block at 29-71 High Rd, Waterford, which is the location of Palm Lake Resort Waterford.
It purchased the property through Walter Elliot Holdings, linked to Palm Lake founder Walter Elliot, for $2.63 million in 2003.
The seller of the 50 High Rd block was Lindis Pty Ltd.
Mr Elliot was one of the pioneers of lifestyle-related resort communities.