Aged care group snares permit-ready Carlingford site
A Melbourne based healthcare group has snapped up a permit-ready aged care site at Carlingford, north west of Sydney.
The former bus depot at 43-47 Murray Farm Road and 13-19 Watton is costing $15 million.
A 110-bed facility (artist’s impression, top) is planned.
The buyer has been seeking to bolster its New South Wales portfolio where it now holds six assets.
The end value of the Carlingford project is estimated to be c$32.5m.
Valuable permit
The Carlingford site was offered by HB+B Property, which outlaid $10m in 2018 before pushing through the redevelopment plan; it was previously rejected for two proposals: with 132 then 120 beds.
Ray White Commercial’s Peter Vines managed the off-market sales campaign.
He said interest came from local and interstate suitors, aware of the difficulty obtaining permits for assets of this type, and the lack of supply (story continues below).
“The aged care market is going through a significant amount of change to funding,” the agent added.
“Also, a number of smaller operators are leaving the sector as compliance becomes more and more difficult,” according to the executive.
“It’s hard to get any DA in NSW currently, however residents are typically more opposed to aged care developments as they think a denser development will cause more traffic.
“However, it typically reduces traffic as the people living there often don’t drive.
“It is [also difficult] to find land that can accommodate developments like this which also works financially,” he said, of the Carlingford result.
HB+B Property’s development manager David Kataieh said the sale will provide an excellent development outcome for the community.
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