Not-for-profit, for-profit trade Melbourne site
Villa Maria Catholic Homes has sold an infill Melbourne aged care home site held for six years.
The not-for-profit secured $9.5 million for 110 Albion Street, Box Hill.
It paid $8.2m.
That seller was the Association of the Franciscan Order of Friars Minor which subdivided 5047 square metres from the neighbouring St Paschal’s yard.
The property is near the former Box Hill Brickworks, where planning minister Sonya Kilkenny this week approved a higher-density planning framework allowing buildings of up to 10 levels around the site’s edge, with greater height towards the centre.
Estia snares permit-ready site
Estia bought 110 Albion St to develop a facility to operate.
VMCH offered it permit-ready for a medium density 110 bed residential bed aged care complex.
CBRE’s Sandro Peluso, Marcello Caspani-Muto, Jimmy Tat and Kai Wang brokered the off-market on sale.
The deal allows Estia to expand into a tightly held catchment where few new facilities have been developed in recent years despite an ageing population and established health infrastructure.
Bain Capital acquired Estia Health in 2023 in a deal valuing the listed aged care operator’s equity at about $838m, or $3.20 per share.
Last year realestatesource.com.au reported bought two Sydney aged care home sites from MMG, controlled by Mark Moran and his wife, Yvette (continues below).
Change of plan
VMCH obtained a permit for a dementia and palliative care focused residential aged care home.
The site is near RHL Sparks Reserve and Box Hill Hospital, in a precinct recently approved for higher density development, about 14 kilometres east of the CBD.
“Approved beds in undersupplied metropolitan catchments are becoming harder to find every year,” Mr Caspani-Muto said.
“Operators are increasingly willing to transact off-market and move quickly for assets that have had substantial planning works complete, allowing the quickest possible speed to market,” he added.
“Once they identify a site that ticks the box and we can work through financial modelling together these assets are highly sought after,” according to the executive.
Mr Peluso added “this result shows what happens when a genuinely scarce asset meets an operator that needs to move quickly to secure it”.
VMCH recently completed a major redevelopment of a Kew facility.
Last year realestatesource.com.au reported bought a Point Cook aged care facility on 13 hectares for $50m.
That seller was Andrew Philip; it was the last asset held by RCA Villages which the executive created in 2008 after senior positions with Australian Retirement Communities, which the Knowles family controlled with Stockland.
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