Arcare buys another Melbourne site
Aged care accommodation operator Arcare has bought another Melbourne development site.
The Knowles family-controlled group is speculated to have paid $9.1 million for 20 Bonds Lane, Greenvale.
The 1.65 hectare parcel formed part of a larger block which traded for $13.5m in 2022 (the balance now contains a 7-Eleven, Starbucks and Red Rooster).
Zoned General Residential, it was offered permit-ready for a 13-lot subdivision and a super-lot.
B&S Land’s Callum Williamson and Andrew Egan were the agents.
Arcare boosts portfolio
The agents promoted the Greenvale site’s ability to be replaced with c68 townhouses (continues below).
The deal comes 18 months since realestatesource.com.au reported Arcare bought Brighton’s ex-Epworth Rehabilitation Hospital and three neighbouring lots, following an off-market deal.
It also acquired the former Boundy’s supermarket in North Essendon – a site expected to yield a high density aged care facility.
Seven months ago the group purchased an ex-tennis club on nearly a hectare in Brisbane’s Moreton Bay.
Greenvale is about 23 kilometres north of the CBD.
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