Carbone Developments buys Toowong Private Hospital site for $12.2 million

Carbone Developments, led by brothers Don and Tony Carbone, has purchased the site of the former Toowong Private Hospital in Auchenflower for $12.2 million. The sale was conducted by liquidators via Colliers following the collapse of the psychiatric facility under significant debt.

The 5,835 square-metre property on Milton Road was previously owned and operated by NA Kratzmann & Sons. The hospital, founded in 1989 by Noel Austin Kratzmann, closed suddenly in June of last year after facing a funding crisis. Once a leading psychiatric hospital in Brisbane, the facility treated approximately 3,000 patients annually.