Japara flips Highton site after obtaining a nursing home permit

ASX listed Japara Healthcare has sold a development site permit-ready to become a nursing home in Highton, five kilometres south west of Geelong.

MACS (Multicultural Aged Care Services), already a Bellarine Peninsula accommodation operator, is paying $3.6 million after offering a short (30 day) settlement.

The 8244 square metre parcel, 297-307 Roslyn Road, was approved for a three storey medium-density facility with 122 beds.

The vendor initially hoped to construct a 136-place complex – an application which drew strong community objection resulting in this change.org.au petition.

Japara paid $3.5 million for the land in late 2016.

It intends to invest sale proceeds on its substantial development pipeline – including blocks in Melbourne’s bayside Brighton (pictured, bottom), acquired for about $10 million last July.

The operator also controls a national portfolio of owner occupied stock.

Also this week it sold a Springvale aged care home with a leaseback, banking $13.38 million.

Four offers came despite horror week

Knight Frank’s Tom Ryan and Ed Wright promoted the Geelong parcel to a variety of developers, including ones which might have considered an apartment or townhouse project.

Mr Ryan said some 150 enquiries came in since the property was launched for sale in mid-February.

Four offers were received and the deal was sealed three days after the close of the expressions of interest, he added.

The negotiation was finalised by the end of last week – when the global outbreak of the deadly COVID-19 coronavirus resulted in the government legislating for Australians to enter an unknown period of lockdown and introducing a number of economic stimulus packages.

Highton is about 80 kilometres south west of the Melbourne CBD.

The site (outlined) is about five kilometres south west of Geelong.
The Brighton sites Japara acquired at 13 and 15 New Street (outlined).

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Marc Pallisco

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