Supalai sells waterfront aged care site
Thailand-based Supalai has sold an apartment development site in Geelong days after partnering with Mirvac to acquire a low-density residential block in Melbourne.
In a surprise, the property just divested, 1 Harbourside Drive, Rippleside, found favour with an aged-care provider which will repurpose a permitted seven-level project with 136 car parks.
That complex would have contained 83 dwellings, a marina office and commercial tenancy,
The incoming building will accommodate 128 beds.
The purchase price was $8.3 million.
Spanning 3995 square metres, it comprises part of a 2.2 hectare holding, a piece of Balmoral Quay, a residential precinct developed by Supalai and Gersh Investment Partners.
The deal comes less than a week since we reported Nexia Aged Care, led by Anthony Palmieri’s Maiestas Care, bought a Footscray aged care home from Freemasons Victoria.
Prominent site sold
Supalai and Gersh developed the broader Balmoral Quay precinct on the former Rippleside shipyard site (continues below).
1 Harbourside Dve – with its south boundary facing Rippleside Park – was the last undeveloped major block.
The offshore group first entered the project in 2014-15, taking a 50 per cent interest in The Rippleside Development Joint Venture.
Its investment was valued at about $5.9m at December 31, 2015.
In 2020, it paid $13m for the balance
Gersh Investment Partners has represented Supalai in Australia and is the Balmoral Quay development manager.
CBRE’s Marcello Caspani-Muto, Jimmy Tat and Sandro Peluso handled the off-market campaign for 1 Harbourside Dve.
Last month Supalai and Mirvac paid $115m for a 40.9ha parcel adjoining their Smiths Lane estate at Clyde, adding about 3200 potential homes to the broader project.
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