Jewish Care Victoria sells redundant Melbourne nursing home

The asset is understood to be selling for about $10.8 million.

Jewish Care Victoria has sold a vacant nursing home in Melbourne’s Caulfield North for a speculated price of $10.8 million.

The campaign for the former Mark and Dina Munzer Community Residential Aged Complex (pictured top and left) targeted townhouse and apartment builders – the 3683 square metre land holding sitting within a residential area.

Owner-occupiers in the medical field were also potential suitors given the “highly functioning” 45-bed existing centre. Student accommodation and serviced apartment providers were also expected to show an interest for the site which hit the market in early August.

Close to Caulfield Park, Cabrini General Practice, Caulfield Hospital, retail and transport, 52-58 Northcote Avenue is about 2.2 kilometres from Caulfield Grammar and even closer to Monash University’s Caulfield campus.

Jewish Care Victoria CEO Bill Appleby said the property “did not align with the organisation’s recently released Strategic Plan, which would determine its key strategic priorities for 2018-2020”.

“Following comprehensive analysis, we have determined that the property is surplus to both the short and long term needs of Jewish Care Victoria, and selling…is the most prudent course of action”.

Gary Peer & Associates Phillip Kingston and Rafi Joffe with CBRE’s Josh Rutman, Mark Wizel and Julian White managed the expressions of interest campaign which closed on September 6.

Earlier this week, private healthcare operator Healthscope listed for sale Kew’s Cotham Hospital, which closed in June. The 4750 sqm complex on a 2245 sqm plot at 209 Cotham Road is being marketed by CBRE with Magree Property Advisory.

Share or Recommend article

Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

Avatar