Aged care investment trades for $15m
An aged care facility in Gold Coast’s exclusive Ashmore traded at auction last week contested by three suitors.
The $15 million result for Cotlew Manor at 129 Cotlew Street reflects a c9.3 per cent net passing yield.
Family owned and operated for two decades, it contains five buildings with 60 rooms, all up containing 1862 square metres.
The SDA approved units house 62 residents.
Also with a swimming pool and 15 car parks, the block spreads 4047 sqm, zoned Medium Density Residential.
“The result highlights the continued strength of the healthcare and community care investment sector on the Gold Coast,” Ray White Commercial’s Gregory Bell, who brokered the deal with Stirling McInnes, said.
“Premium income generating assets like Cotlew Manor continue to attract strong competition from investors seeking long term stability and growth,” according to the executive.
“The strong enquiry and competitive bidding reflected the depth of buyer demand for quality healthcare investments and the confidence in the Gold Coast market,” Mr McCinnes added.
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