Opportunity knocks in Tweed Heads retirement market

The proposed development site in Tweed Heads

An approved site for 91 self-contained units for seniors in the heart of Tweed Heads is up for sale, as developers and investors look to take advantage of the rapidly growing retiree market.

The prime 8093sqm site, which adjoins the Tweed Heads Bowls Club and is opposite Tweed Heads Public Hospital, near the border of New South Wales and Queensland, is expected to draw interest from national retirement and healthcare developers.

Located at the intersection of Wharf and Florence streets, Colliers International says the site holds wider appeal because of its potential alternate uses, including a private hospital, medical centre, residential aged care, educational facility, supported living or a mixed-use development subject to council approval.

New frontier: Healthcare a challenge for property investors

The site was approved in late 2012 for 21 one-bedroom units, 38 large one-bedroom units and 32 two-bedroom units.

The proposed development site in Tweed Heads

The proposed development site in Tweed Heads

The listing comes hot on the heels of Estia Health’s acquisition of the strata Nobel Life Aged Care facility located within the nearby senior living residential tower, Victoria Towers, at Southport on the Gold Coast.

Speaking about the Tweed Heads site, Colliers International’s healthcare and retirement living national director Phil Smith says the area is a long established service centre for both the southern end of the Gold Coast and northern New South Wales, with a wealth of facilities and amenities.

It is a significant parcel yet to be subdivided from the existing Tweed Heads Bowls Club building and associated car parking

“The site appeals to the seniors demographic, considering 29% of the total population in Tweed Heads’ local government area are over the age of 65, compared to the NSW average of 14.7%,” Smith says.

“It is a significant parcel yet to be subdivided from the existing Tweed Heads Bowls Club building and associated car parking.”

The Victoria Towers development at Southport

The Victoria Towers development at Southport

“The approval is for Stage 4, which comprises 91 serviced, self-contained seniors living dwellings within two, three or four-storey blocks, built around a central open space core with basement car parking.”

“Ancillary medical services, a health and wellbeing centre, beauty salon, café and convenience store are also proposed.”

Colliers International is marketing the site via an expression of interest campaign due to close on November 26.

The Nobel Life Aged Care deal was also brokered by Smith and Colliers International healthcare and retirement living executive Chris O’Driscoll, and followed a hotly contested off-market campaign, with multiple groups attempting to buy the facility.

Nobel Life Aged Care is a partially completed facility, which, when fully operational, will comprise 84 beds over three levels.