A substantial former Aged Care facility has transacted amidst a highly competitive expressions of interest processes handled via CBRE’s Healthcare & Social Infrastructure and Development sites teams.

The campaign which launched as a forthcoming opportunity just days prior to Christmas was transacted following a highly competitive process which saw more than 11 unconditional offers submitted at the close of the first round.

Marcello Caspani-Muto, Jimmy Tat, David Minty, Nathan Mufale and Sandro Peluso marketed the opportunity which featured interest from Aged Care operators, Residential Developers and Medical groups – achieving a final sale price of $8,638,8888.

Mr Caspani Muto said - “The market for vacant and leased Aged Care facilities both commonwealth funded and privately operated supported residential services homes has continued it’s rise in popularity with the substantial underlying land areas coupled with highly valuable existing improvements acting as a major catalyst for investors.

While opportunities remain scarce year on year the future potential of these properties both as refurbished, expanded and value-add aged care homes or healthcare centres is significant with interest often shown from passive investors and those with a view of long-term repositioning”

Jimmy Tat added “Current and previous Government funded homes such as the subject property are often maintained to strict standards leaving a significant value in the remaining improvement value alone. Meanwhile the rise in demand for disability accommodation has also proven a good long-term use for these properties. International investors are continuing to show a strong interest toward the sector an on unconditional positions with a number of cash or short settlement offers having been put forward in Ivanhoe and a previous sale the team complete in Dec of last year at 284-296 Warrigal Road, Cheltenham.

405-413 Upper Heidelberg Road, Ivanhoe featured a combined land area of 5,345sqm and an existing building area of 1,924sqm and was sold with vacant possession. The end sale price reflected a rate per bed of over $157,000.

To request a copy of the sale analysis please email either of the CBRE selling agents via the contact forms below. 

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