Melbourne SDA investment trades for $7.3m
A two year old specialist disability accommodation investment in Melbourne’s north-west has sold for $7.32 million.
The result for the four-level property, 36A East Esplanade, St Albans, reflects an 8.88 per cent net passing yield.
Six offers came in following an expressions-of-interest campaign closing in June, Colliers’ Ervin Niyaz, Travis Keenan, Heath Wakeham and Jem Ali-Nolan said.
Three offers were from interstate investors, they added.
The deal comes three months since realestatesource.com.au reported an ex-Baptcare aged care home turned SDA investment in Coburg sold to Redhill Hospitality.
Also in June, Australian Unity acquired the Casa Capace SDA portfolio – with 15 operating projects – in metropolitan and regional Victoria and New South Wales.
Securely leased
The St Albans property is leased to Tender Loving Care Disability Services, an NDIS provider founded and led by Yasser Zaki also operating in Sydney and Brisbane (continues below).
With 1159 square metres, it contains 12 self-contained two-bedroom SDA apartments.
Two ground-floor commercial tenancies are occupied by allied health providers.
The site spans 519 sqm with six car parks.
The initial lease expires in 2039 with options to extend until 2049.
The tenant is responsible for all outgoings.
St Albans is about 17 kilometres from town.
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