Coomera health development
Coomera health development site. Image supplied.
  • The 2-hectare development site in Coomera has been acquired for $9.4 million
  • The site is in an area earmarked by Queensland Heath as the location for a new hospital
  • Fourth such deal for Silverstone in past year, totalling $225M

Vital Healthcare Property Trust has acquired a 2-hectare development site in Coomera on the Gold Coast for $9.4 million.

The 187-195 Foxwell Road site is situated within the ‘Coomera Health Precinct’, earmarked by Queensland Heath as the location for a new public hospital.

Vital purchased the 100% freehold interest from developer, Silverstone Developments, who had initially purchased the property in 2018 for $2.83 million and had completed infrastructure works.

Silverstone Developments had also lodged an application for a medical/mixed-use development prior to the sale. Vital said it will now undertake a master planning process for a 6,000 sqm medical office building as part of stage 1 development, pending approvals for the revised medical centre proposal.

Foxwell Road hospital
Foxwell Road hospital – artist’s impression. Image supplied.

The off-market transaction was managed exclusively by Cushman & Wakefield’s Middle Markets team Mike Walsh and Peter Court, on behalf of Silverstone Developments.

The acquisition forms part of several recent purchases made by Vital, including the four level, 147-bed private hospital in Epworth, Camberwell for $82.7m, and two other development sites in South-East Queensland for a total of $11.4m.

“Silverstone made the strategic decision to divest the Coomera site to Vital so the business can focus on existing developments in the innercity Brisbane market.”

Luke O’Dwyer, Silverstone Developments’ Development Manager

Cushman & Wakefield’s Joint Head of Middle Markets, Mike Walsh, said he was seeing “increased appetite” from healthcare-based groups seeking quality development opportunities.

“The deal represents the fourth healthcare related transaction Cushman & Wakefield has exclusively brokered on behalf of Silverstone in only the past 12 months, totalling in excess of $225 million,” Mr Walsh said.

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