A Brighton aged care facility with medium term development upside has sold to an investor for $8.5 million.
Hamble Court, at 108 Martin Street, contains an extended dwelling with 29 bedrooms, each with an ensuite.
It has operated as a nursing home for more than 15 years but a lease expiring in 2025 has no options.
As such, the 1676 square metre General Residential zoned block was marketed to investors or builders.
The sale price reflects a 3.67 per cent passing yield.
Savills’ Nick Peden, Mark Stafford, Benson Zhou and Jesse Radisich were the agents (story continues below).
Their deal comes three weeks since a local developer paid $15m for two homes covering 3196 sqm at 19-25 Oakwood Avenue, in the suburb.
In April, an offshore builder spent over $12m on nearby 7-9 Halifax St, on 2295 sqm, which were offered permit-ready for 16 apartments.
Last September, Fortis outlaid $14.25m on an amalgamation of Brighton properties – 10-12 Male St and 41 Black St – with plans for 16 dwellings.
Aged care provider Japara paid c$10m in 2019 for another two blocks – a total of nearly half an acre – abutting its Elanora facility, near the Brighton Beach foreshore (this deal, and Halifax St, was also negotiated by Savills).