The former site of the Gold Coast Hospital in Southport has been approved by Gold Coast Council for a $550 million development that will include both a retirement village and an aged care facility.

Queen Street Village which is being developed by Brisbane based developer Property Solutions will boast seven towers from 16 to 25 storeys on the 3.2 hectare site and will include residential apartments, retail space, food and drink outlets and health care services.

The development will be built over the next six to eight years.