Aged care providers trade $50m Melbourne village
Andrew Philip has sold the last asset held by RCA Villages, which he created in 2008 after holding senior positions with Australian Retirement Communities, formed by the Knowles family, and Stockland.
The Point Cook Retirement Village freehold collected $50 million from Villa Maria Catholic Homes.
On 13 hectares at 320 Point Cook Road, the facility, completed in late 2009, contains 257 living units and 24 apartments.
There is a clubhouse, pool and bowling green too.
With the deal, VMCA holds 868 homes in 16 regions across Victoria and New South Wales.
Also with divisions for at-home residents and offering disability services, and holding an affordable housing portfolio, the not-for-profit supports over 10,000 people.
Three weeks ago we reported it listed a Box Hill site permit-ready for a four storey aged care complex which could be repurposed for traditional housing.
Last year meanwhile, the group obtained a permit to redevelop its significant Kew holding.
VMCH goes west
Without shareholders, VMCH reinvests revenue into its operations and mission-based services.
It has already rebranded its latest asset VMCH Point Cook Retirement Village.
“We are working to ensure there is as little disruption as possible for residents,” chief executive officer, Sonya Smart, said.
“VMCH already has a significant retirement presence in Melbourne’s inner eastern suburbs,” she added.
“This investment allows us to expand our reach into the west and offer residents other established local VMCH services, including home care and residential aged care, should the need arise,” according to the executive.
RCA sheds last asset
Established after Stockland bought ARC, RCA until recently held nine villages.
Last year, four sold to Prime Value Asset Management – which appointed Centennial Living to operate them – for $105.3m.
Bolton Clark acquired the other four.
The Knowles family meanwhile went on to establish Arcare – an active operator and developer behind two major purchases this year – in Brighton and, in the north, at Essendon.
Point Cook is about 24 kilometres south west of Melbourne’s CBD.
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