Aged care provider Japara spends c$10 million in Brighton

EXCLUSIVE

Retirement living provider Japara has outlaid a speculated $10 million for two development sites abutting its Elanora Aged Care Home, in Melbourne’s ritzy Brighton.

Japara is said to have outmuscled local and offshore townhouse developers for the first site: two neighbouring residential homes at 13 and 15 New Street, which were offered as one.

Spreading 1998 square metres, and permit-ready for eight townhouses, the property was marketed by Knight Frank director Ed Wright, along with Andrew Campbell from Marshall White’s Brighton office.

The site at 13 and 15 New Street, Brighton, was offered permit-ready for eight townhouses.

The brokers wouldn’t comment about the purchaser’s identity or sale price, speculated to be about $7.2 million.

But of the marketing campaign, they said, 279 enquiries were received resulting in seven offers.

Following the purchase of 13 and 15 New Street, it is understood Japara bought another family home neighbouring Elanora.

All up, Japara is speculated to be outlaying about $10 million. The deals give it land to extend Elanora by one or two wings.

Yesterday, we reported that producers of hit TV show The Block spent a speculated $13 million on a c2770 square metre Brighton parcel at the corner of New and Orchard streets.

The Brighton sites at 13 and 15 New Street (outlined). Japara owns the aged care complex abutting the western boundary.

Formerly the site of the Andrina Private Nursing Home, 360-364 New Street is set to be subdivided into five lots ahead of a series, likely to be the one airing next year.

The next season of The Block, screening from next month, will see St Kilda’s Oslo Hotel redeveloped into five large townhouses.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
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