Hesperia snaps up aged care home, land

Regis Hollywood Village occupies a 1.73 hectare site.

Adrian Fini and Ben Lisle’s Hesperia has paid $53 million for an 84 unit independent living complex and neighbouring development site (outlined, image, top) at Nedlands.

Hesperia bought the land earmarked for Murdoch Square from Development WA.

The Subiaco based company, whose name means western land, is intending a master-planned project for the 5-5 hectare amalgamation diagonally adjacent to the Hollywood Private Hospital – though the elements haven’t been revealed; the group develops commercial, hospitality, industrial and residential.

Its portfolio also features healthcare and medical product including Stirling Cross and Murdoch Square, the latter with an 80 bed aged care complex, medical centre, medi-hotel, offices, shops and apartments – another master-planned investment it could take cues from.

Knight Frank’s Sam Biggins, Tony Delich and Cory Dell-Olio marketed the Nedlands properties – 118 Monash Avenue and 15 Karella St, also with significant frontage to Smyth St.

Regis Healthcare was the vendor; proceeds will be tipped into higher returning core business opportunities and to reducing debt.

Another major Nedlands project

Hesperia was the state’s first property company to be certified B Corp meaning its business model positively impacts communities and the environment.

It is also part of a consortium with Andrew and Nicola Forrest’s Fiveight developing the city’s 72ha Roe Highway Logistics Park (story continues below).

Last July, those partners sold six industrial investments and a half dozen development sites in that business park to Charter Hall.

“We will continue to operate the [Hollywood] village for existing residents while we consult on and design a master-planned precinct for this substantial inner city land area adjacent to important medical facilities and surrounded by an established residential area,” director Rowan Clarke said.

Settlement is scheduled this financial year, he added.

Nedlands contains the Queen Elizabeth II medical centre – the largest asset of its type in the southern hemisphere.

Elsewhere in the suburb, Costa Property Group, Grange Property and Gurner, last year unveiled plans to replace Bentley and Porsche dealerships at 97-105 Stirling Highway with a residential-based mixed use project.

Containing 275 dwellings in three towers, its end value has been put at c$500m.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.