The old Aveo retirement complex at Loganholme – once known as Aveo Freedom Tanah Merah, and at one stage Tree Tops – has been bought by the state and will become social housing.
The property sits on 2.3 hectares and has 124 units, a pool, salon, AV room, commercial kitchen and meets aged care and NDIS healthcare requirements.
According to the selling agents, CBRE, it would have cost about $60 million to replicate the complex.
The government has bought it for $44 million.
Announcing the purchase on Sunday (January 28) Housing Minister Meaghan Scanlon said there was still work to be done on the property.
But the government hoped people would be able to occupy units by mid-year.
Of the 124 units, 85 have one bedroom and 39 have two bedrooms.
“Located in immediate proximity to major amenity and employment drivers including Logan Hyperdome, IKEA, Griffith University, TAFE and Logan Hospital,” the online advertisement to sell the property said.
The government would be offering the homes to people in need, including single people, couples and small adult families.
The former retirement village is made up of 85 one-bedroom and 39 two-bedroom units, designed for independent living.
Ms Scanlon said a community housing provider would be appointed to provide on-site support to residents.
It’s not the first time the state government has delved into the Aveo portfolio.
Aveo Group was bought out by Brookfield Property Partners for more than $1.2 billion in November 2019, and has since sold a number of Freedom developments to the government.
It’s the fifth former retirement village or aged care facility purchased or leased by the Queensland government for use as social housing, following similar purchases and leases in Clayfield, Toowoomba, Redlands and Rothwell.
About $6 billion has been invested into social and affordable housing statewide.
“This is another example of how our Housing Investment Fund is delivering for Queenslanders in need and we make no apology for using the fund to purchase homes to deliver housing sooner,” the minister said.
Waterford MP Shannon Fentiman said older people were among groups most impacted by the ongoing housing pressures.
These homes would consequently target seniors.
At Sunday’s announcement, the government also committed to $450,000 to support YFS support for homeless people.
“It will provide some really important and immediate support to people who are sleeping rough right now,” YFS chief Christopher John said.
“Over the last three years, unfortunately we’ve seen the median rental price in Logan go up by 51%.
“That’s about $180 a week more than what it was three years ago.”
He said this made housing affordability impossible for many on low incomes.
“The outreach funding that we have been announced today will also go a great way to providing support to those that are sleeping rough and helping them access the support and services they need to help we prevent the trajectory of long term homelessness,” he said.
