Not for profit pays $10.4m for accommodation assets
Cura Housing has bought two specialist disability accommodation assets as a four-property portfolio marketed across Queensland and Victoria split between buyers.
The Sydney-based not-for-profit has paid $6.5 million for seven apartments at 29 Hocking Street, Arundel and $3.9m for a two dwellings and a villa at Boondall, 65 and 65A Queenstown St.
A Redcliffe property from the same campaign – 18 Savannah St – sold to a private investor for $1.746m.
This 607 square metre holding is 700 metres to Redcliffe Hospital.
$12.1m sell-down
A fourth portfolio asset, in Victoria, at 491 Napier Street, White Hills, Bendigo, with two dwellings, hasn’t traded.
It and the Queensland properties were developed to High Physical Support specialist disability accommodation standards and include Onsite Overnight Assistance facilities and assistive technology.
Knight Frank’s Clem Stack and Sam Biggins acted for the vendor, a private partnership (continues below).
“Our sales campaign attracted interest from a broad range of capital sources including private investors, family offices and institutional investors, each with different acquisition criteria and transaction protocols,” they said.
The Redcliffe asset’s absence of Class 3 certification increased execution risk for the leading institutional bidder, promoting a separate sale process,” they added.
“Through a targeted campaign and active management of multiple buyer groups, [we] successfully secured a private investor purchaser…at a price premium and on an unconditional basis,” according to the executives.
“The SDA sector is increasingly being recognised as a compelling healthcare property asset class”.
Last month realestatesource.com.au reported Australian Unity, for the Specialist Disability Accommodation Fund, outlaid $51.4m on 15 Casa Capace-backed assets, in New South Wales and Victoria.
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