CBRE’s Australian Healthcare & Social Infrastructure team are poised to launch yet another vacant seniors living asset to market. The subject property located at 296-302 Springvale Road, Donvale comprises a 115 bed vacant Aged Care home which was until last late July operated by Bupa Aged Care. The property is also being offered with surplus adjoining land for future expansion or value add potential lending itself to alternate users including Retirement living, Healthcare, NDIS or Accommodation investors and occupiers.

CBRE’s Marcello Caspani-Muto, Sandro Peluso and Jimmy Tat are steering the expressions of interest campaign which is expected to publicly launch on Friday 4th August. The subject property has been impeccably maintained to the highest of operational standards and is fully 9C compliant. The asset represents the largest vacant Aged Care property offered to market across the Victorian market in the past decade and potentially beyond.

296-302 Springvale Road, Donvale features a combined land area of 18,224sqm* with existing two-story improvements across 115 rooms and a building area of circa 6,600sqm*.

Marcello Caspani-Muto said “Nationally the volume of vacant seniors living and healthcare assets continues to climb. We saw record volumes of transactional activity in 2022 and we are on-track to surpass this again in 2023. The team have witnesses continually strong activity across the Victorian market with heightened levels of opportunity across the QLD metropolitan markets. We are also now beginning to see a flow on effect across NSW.”

“The subject property is comfortably the most substantial vacant seniors living property our team have seen across the Victorian market in the past 7-10 years. The improvements are substantially and build to a very high quality well ahead of it’s time. With numerous extensions having occurred across the early 2000’s the property is constructed of mostly concrete slab throughout. Outside of the numerous quality advantages of concrete, this is also a major positive for fire compliance for hospital and accommodation conversion users. This construction quality coupled with the scale of rooms, width of hallways and existing amenity our team expect the property will also lend itself well to various healthcare or retirement conversion users.  

Sandro Peluso added “As our team have been saying for well over 24 months now, the popularity of vacant retirement and aged care assets is comfortably at record levels. Broader challenges with rising construction costs across the commercial and residential markets, have acted as a catalyst for demand in this sector which is very well documented. With development risk and construction costs at all-time highs securing large landholdings with significant existing improvements is highly compelling for numerous operators and investors. We are seeing a steady increase in the number of tenants and owner occupiers entering the space through creative conversions to Aged Care, Healthcare, NDIS and more. Building new Hospitals or Aged Care homes of this scale today is simple not feasible for the majority of operators and this is why we have seen such a ramp in competition from users wanting to purchase this type of Real Estate.

296-302 Springvale Road, Donvale VIC is being offered for sale via Expressions of interest closing on September 6.

To request a copy of the Information Memorandum please contact one of the marketing agents CBRE’s Marcello Caspani-Muto, Sandro Peluso and Jimmy Tat via the contact details below. 

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