Mercy Health has listed its former residential aged care home in Melbourne’s Newport for sale. 

Located at 286-296 Melbourne Road, the listing spans three titles, with a land area of 3,178sqm, and includes two adjoining residential allotments allowing for potential expansion. 

The property is being sold via an Expressions of Interest campaign by CBRE’s Australian Healthcare and Social Infrastructure team of Sandro Peluso, Marcello Caspani-Muto, and Jimmy Tat.

The property has been vacant for three years and features a central aged care home with circa 40 single rooms and communal spaces.

Mr Caspani-Muto said he expected the property would appeal to a wide range of potential buyers from owner-occupiers to value-add investors.

“The property could be used for range of purposes including aged care, supported residential services, specialist disability accommodation, childcare or as mixed-use space,” Mr Caspani-Muto said.

“The location, underlying land value, dual street frontage, and multiple points of access make this property so much more than a traditional vacant seniors living asset. While the aged care home can be renovated internally to operate almost immediately, the size of the landholding and various titles could also allow for it to be used for supported residential services, specialist disability accommodation, childcare or as mixed-use space.”

Mr Peluso added, “Given the limited success rate of new builds over the past two years, we are continuing to see investors and value-add buyers think outside the box with adaptive re-use of existing buildings. While on many occasions buyers of these assets are not traditional seniors living operators, we expect to see interest from those in the seniors living sector because a modern, renovated aged care home in this location would meet immediate demand and likely be very successful.”

The Expressions of Interest campaign closes on Thursday November 14.

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Vacant Seniors Living Community sold by CBRE  | Commo.