About the Proposed Lota House Development
Please note the memo/notice below was provided by Anglicare and Village Retirement Group to some residents who currently live at Lota House. The image reflects what this notice states ie. 8 towers.
Stage 1 is 4 x 6 storey towers - 103 units as per current Brisbane City Council application. On April 3, 2019, the Brisbane City Council rejected the application. On April 9, 2019, Village Retirement Group appealed against the council's decision. The appeal is being heard in the Planning and Environment Court. See court details. Visit our latest news page for more information.
Stage 2 is for a further 4 x 7 storey towers, 112 units facing east over looking Moreton Bay
This will see 215 units developed as retirement units if approved.
Based on the application and the Village Retirement Groups own web site https://www.thevillage.com.au/villages/coorparoo/
Note: Plus other fees as may be charged on exit such as refurbishment of apartment which is undertaken by management at sellers cost
Lota House is an aged care facility. That is what the community is asking for and supports expansion.
The community does not support expensive high-rise villas.
Stage 1 is 4 x 6 storey towers - 103 units as per current Brisbane City Council application. On April 3, 2019, the Brisbane City Council rejected the application. On April 9, 2019, Village Retirement Group appealed against the council's decision. The appeal is being heard in the Planning and Environment Court. See court details. Visit our latest news page for more information.
Stage 2 is for a further 4 x 7 storey towers, 112 units facing east over looking Moreton Bay
This will see 215 units developed as retirement units if approved.
Based on the application and the Village Retirement Groups own web site https://www.thevillage.com.au/villages/coorparoo/
- They have current units for sale between $755,000 and $849,000
- How many people in Lota, Manly and Wynnum can afford to purchase these units?
- The average price with views of Moreton Bay should be greater than Coorparoo over $800,000 average? Source Wynnum Manly Real Estate agents
- This means than many local residents who currently live in the area will not be able to afford these units and will need to look at options outside the area.
- The Anglican Church says that the local community wants this development so families can remain close, but it appears that most will not be able to afford to live in this development if built!
- The most likely model is;
- Purchase price ie. $800,000 average
- Annual body corporate fees payable monthly or quarterly
- Approx 30% value of sale on exit to Anglicare/Village retirement group therefore most likely no capital gain on the investment which on current documents is capped after 10-12 years
- $900,000 (property value increase) - 30% ($270,000)
- net $630,000 when selling unit
- A loss of $170,000 based on $800,000 average purchase
Note: Plus other fees as may be charged on exit such as refurbishment of apartment which is undertaken by management at sellers cost
Lota House is an aged care facility. That is what the community is asking for and supports expansion.
The community does not support expensive high-rise villas.
