Menarock lists aged care investment
Menarock is selling a 20 year old Croydon aged care investment.
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 sqm 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).
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.
