Proposed retirement village canned in $18.5 million sale
Published on 3 June 2025
A proposed seven-storey retirement living complex in Gosford, on the New South Wales Central Coast, has officially been canned after the current owners sold the site for roughly $18.5 million.
Conversations regarding new seven-storey modern living apartments at Brisbane Water (NSW) Legacy began in 2018, but it wasn’t until 2021 that the organisation officially lodged a development application to upgrade its retirement village.
The initial design included various communal and social spaces, with a range of one, two and three bedroom units to be built. One-bedroom apartments would have remained as affordable rental units for Legacy beneficiaries and veterans.
The design also included an office, community centre and above ground car parking.
It would be a dramatic change to the current village which was built in 1964. At the time, Legacy CEO Peter Lawley said ‘We can’t wait to see our vision come to life, but for now these renders will have to do!’
He also told the Coast Community News that the redevelopment was a necessary investment.
“It provides affordable rental units for war widows and veterans along with retirement village units that are also available to retirees with a focus on veterans and war widows,” Mr Lawley said.
“But redevelopment became necessary due to the age and style of the current units.”
Unfortunately, progress stalled on the B4 Zoned Mixed Use block. Covering roughly 2.7 acres, Brisbane Water Legacy at one point hoped to sell off part of the block to fund the redevelopment of the remainder of the site.
This site accommodated a maximum of 12,512 square metres of permissible gross building area.
However, this approach fell through in 2023. Instead, CBRE put the full site on the market – 51-57 & 59 Masons Parade, Point Frederick, NSW 2250 – confirming the sale on May 9, 2025.
“Strategically positioned overlooking Brisbane Water, this exceptional 11,033sqm* landholding offers a unique opportunity for a mixed-use development, benefiting from B4 Mixed Use zoning and favourable planning controls permitting retail, commercial and residential uses (STCA),” the listing read.
realestatesource.com.au reports that a local developer is planning to build luxury apartments. The building is expected to be the a similar height to what Brisbane Water Legacy proposed.
According to Hillier Real Estate’s Brad Hillier, the $18.5 million price tag is the highest paid for a Point Frederick property. He told realestatesource.com.au the ‘iconic’ project will ‘redefine exclusive residential living on the Central Coast’.