Aged care group acquires Ringwood block

The Knowles family’s Arcare has paid $7.5 million for a General Residential zoned site opposite Ringwood Public Golf Course.

The 5680 square metre block at 313-317 Canterbury Road, on the north west corner of Wantirna Road, was offered permit-ready for 25 townhouses.

Instead, the new owner will apply for a small aged care complex.

“Knowles Group and its subsidiary Arcare Aged Care is very pleased to have the opportunity to bring our quality aged care provisions to the area,” Knowles Group chief executive, Property, Mike Carnell, said.

“After 25 years in the industry, Arcare is renowned for our continuity, beautiful building designs and our respect for individual uniqueness,” he added (story continues below).

Colliers marketing agent Joe Kairouz said “ genuine lack of competing development site opportunities in the suburban market meant buyers were committing more time and resources trying to secure these types of limited opportunities”.

“Competition was robust from an array of buyer types including traditional residential developers and social infrastructure developers such as childcare and retirement living,” colleague Leon Ma added.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of