Dorset Lodge listed as aged care investment

The site (centre) is next door to a new Bowens Timber and Hardware store.

Menarock is selling a Croydon aged care facility purpose-built for the occupier 20 years ago.

Dorset Lodge at 362-366 Dorset Road is expected to trade for more than $6 million which would reflect a sub six per cent yield.

The tenant recently signed a five year rental agreement but with options can stay until 2039.

The 45-bed double storey home with 1770 square metres of internal area was recently refurbished.

It sits on a 3530 square metre General Residential zoned plot with 15 car parks next to a new Bowens Timber & Hardware store, near Dorset Gardens Hotel.

Croydon is about 28 kilometres east of Melbourne (story continues below).

The 45-bed facility on a 3530 square metre General Residential zoned lot is expected to sell for more than $6 million.

CBRE’s Marcello Caspani-Muto, Jimmy Tat, Josh Twelftree and Sandro Peluso are representing Menarock, itself an aged care accommodation provider.

The listing comes seven months after a 70-bed aged care investment at Boronia – also on land which could be considered for townhouses longer term – sold for $11.3m, a price which reflected a five per cent yield.

Also in Melbourne’s east, Crofton House in Blackburn, with 45 places, exchanged in late 2018 for $8.3m – a 5.5pc return.

The purchasers of both the Boronia and Blackburn facilities were Asia-based.

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Marc Pallisco

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

Marc Pallisco