Operators trade Mornington Peninsula retirement community
IP-Living has swooped on a profitable aged care facility on 3.65 hectares on the Mornington Peninsula.
Baptist Village Vaxter, with 105 independent living units, was offloaded by an entity of the same name, which will tip proceeds into redeveloping a Frankston South complex.
Seventy seven of the dwellings are configured with two three bedrooms.
Three have three beds and a study.
At 287-327 Bayview Road, Rosebud, the complex also contains a games room, hairdresser, library, bocce court, community centre and darts.
A village bus operates from there too.
“Rosebud Village fulfils an important need for quality affordable retirement living in the local area,” IP-Living chief executive officer, Mark Fay, said.
“Our focus is to protect the special qualities of retirement communities and in partnership with residents and staff at Rosebud, we’ll work to support and enhance resident wellbeing and the attractiveness and sustainability of the community,” he added.
Baptist Village Baxter
Developed in 1981, the operator bought the Rosebud asset from Stockland eight years ago.
“This transaction represents an outstanding triple bottom line result for all parties involved – the vendor, purchaser and most importantly, the residents,” Colliers’ Justin Hazell, who brokered the deal with Ian Sanders, said.
“The village’s strong fundamentals and community legacy made it a compelling opportunity,” according to the executive.
Mr Sanders said “we’re seeing unprecedented demand for healthcare, aged care, and retirement living opportunities – driven largely by shifting population demographics and the essential nature of these services,” according to the executive.
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