EG Property Group Buys Melbourne Nursing Home From Baptcare

Melbourne based investment company EG Property Group has paid $12.525 million for Canterbury’s former Hedley Sutton Retirement Home in Canterbury, for one of its unlisted wholesale property funds.

The 8,161 square metre property on the corner of Gascoyne Street and Canterbury Road, and near the Hawthorn East and Camberwell border, will become a luxury residential project. The land is already zoned Residential 1. Colliers international’s Theo George and Brett Griffith negotiated the Canterbury sale.

EG Property Group senior manager Alex Banzic told Capital Gain the opportunity to acquire a development site for $1,500 per square metre, bearing a prestigious address like Canterbury, represents exceptional value. He expects the company to lodge a development application to council soon.

The Canterbury property was sold by Baptcare, which relocated the 93 residents to a flash new $25 million Hedley Sutton aged care facility, in one of Canterbury’s most renowned historic homes, Linda, last month. The 1870 Italianate mansion was built by James McEwan of the now defunct McEwan Hardware empire.

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