Ex-Baptcare aged care home sold after revamp
A former aged care home in Melbourne’s north has traded nearly three years after being acquired from Baptcare and repositioned for disability and accommodation use.
Redhill Hospitality is the buyer – 547 Bell Street, Preston, set it back $6.5 million and will become a co-living investment.
It is the second asset we are reporting the Singapore group buying this quarter; the other is in Cairns.
CBRE’s Marcello Caspani-Muto, Jimmy Tat and Sandro Peluso were the agents.
547 Bell Street
Including Preston and Cairns, Redhill, founded by Guy Peterson and James Hyndes, manages a portfolio of 14 motels worth more than $120m.
Last year, it bought the Panorama Retreat and Resort in the Dandenong Ranges.
It also holds assets at Tenterfield and in Queanbeyan near the ACT and is involved in managed funds, including one with Carpe Diem Property, which recently sold a Mildura Best Western after a refurbishment.
As well as its own freeholds, it manages property for third parties.
Typically it repositions a property. It also provides management services (continues below).
Hospitality group buys ex-aged care home
The two level Bell St property has 1850 square metres configured with 41 suites, communal living areas, kitchens and a gym.
On 2637 sqm, there are also 29 basement car parks.
The vendor paid Baptcare c$5.5 million ex-GST.
The renovation was completed late last year. The refurbishment program converted aged care rooms into large suites.
Certification was also obtained for High Physical Support NDIS accommodation.
Four offers came in following an expressions of interest campaign, the agents said, from a mix of occupiers and investors.
Subscribe to our newsletter at the bottom of this page.
