The former Bupa Donvale in Melbourne’s east will reopen as a Chinese culture focused aged care facility after being snapped up by an offshore investor.
The 1.82 hectare holding – a former Sizzlers – at 296-302 Springvale Road collected $12 million.
A two storey, 115-bed 6600 square metre facility will now be refurbished.
The deal comes seven months since another investor acquired an ex-Burwood aged care home, also with plans to retain its use following a renovation, again targeting Asian residents.
“Until recently Chinese groups have focused primarily o development of retail investment assets, however that interest is now widening to include aged care, health and childcare,” CBRE’s Jimmy Tat, who marketed 296-302 Springvale Road with Marcello Caspani-Muto and Sandro Peluso, said.
“This aligns with rapid growth in China’s middle class,” he added.
Next chapter for ex-Sizzlers
The Donvale vendor, Region Amber, paid Sizzler $345,000 for the holding 33 years ago.
Bupa moved out mid-last year (story continues below).
Also in March, Maiestas Care purchased New Gisborne’s former Warrina Aged Care home for c$24m with plans to occupy.
Last September meanwhile, NorthWest Healthcare acquired Mt Eliza’s ex-Chronos Care complex, outlaying c$11m.
That deal came hot on the heels of the Knowles family snaring a vacant block opposite Ringwood Golf Course for $7.5m for it Arcare aged care division.
However the c1899 Darnlee mansion in Toorak, for decades until recently owner occupied by Bluecross, failed to attract another aged care provider when it was listed earlier this year, instead selling to auction house Smith & Singer, now seeking a permit allowing it to trade there.
“Nationally, the volume of vacant seniors living and healthcare assets continues to climb,” Mr Caspani-Muto said.
“We saw record volumes of transaction activity in 2022 and we are on track to surpass that again in 2023,” he added.
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