Baron Vanilla Management, a joint venture between Baron Property Group and Vanilla Property Investments, has snapped up a Mosman retirement home for $10 million.
The Montana Aged Care facility at 36-38 Harbour Street is the seed asset for the Aged Care Property Trust, which is managed on behalf of wholesale investors.
Completed in 2002, the triple storey complex with 60 beds occupies a 1697 square metre block.
The occupant, Hall & Prior, is committed until 2041.
“Demand [for the Aged Care Property Trust] was extremely strong, and [it]…closed oversubscribed within a matter of days,” Baron Vanilla Management director Miles Ashton said (story continues below).
“Baron Vanilla selected the [Mosman] property primarily due to its very high underlying land value (representing 100 per cent of the purchase price) benefiting from R3 medium density residential zoning, and long…lease,” according to the executive.
Colleague Joseph Rapanaro added 36-38 Harbour St “is the first acquisition under the Baron Vanilla banner and the 16th property syndicate to be established by the joint venture partners, growing combined assets under management to $150m”.
Baron Vanilla recently acquired three Western Australian industrial properties for the BV Industrial Plus Fund, managed on behalf of a syndicate.
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