Gold Coast aged care home sold on second attempt
The Gold Coast’s Cotlew Manor has sold after a buyer which bought the property at auction in October failed to settle.
The aged care home on 4047 square metres at 129 Cotlew Street, Ashmore, collected $15 million – the same price as last year – from a local businesswoman with experience in the National Disability Insurance Scheme sector.
With five buildings containing 60 beds – all up, 1862 sqm – accommodating 62 residents, a swimming pool and 15 car parks, it was held as an investment; net annual income was c$1.4m.
Ray White Commercial’s Greg Bell and Stirling McInnes were the agents.
“The buyer’s operational experience in care facilities made her a natural fit for Cotlew Manor,” they said (continues below).
“It ensures continuity of care and ongoing management of the facility,” they added.
“The transaction highlighted the importance of strong vendor relationships…building trust throughout the process allowed us to navigate setbacks and stay aligned with the client’s objectives,” according to the executives.
Ashmore is about six kilometres west of Surfers Paradise.
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