Parkdale aged care investment sells for $9m
A modern aged care facility – with Parkdale Beach at the end of the street – is speculated to be selling to an offshore investor for c$9 million – a price which would reflect a c5.7 per cent yield.
The triple storey 60-bed complex at 43-45 Herbert Street, Parkdale, was offered with a new 15-year lease.
In 2035, the occupier can exercise the first of its two five year (renewal) options.
As part of the rental agreement, the tenant pays outgoings – except for land tax, as this property is exempt.
The site, 23 kilometres south east of Melbourne, occupies a 2004 square metre plot zoned General Residential 2.
Marketing agents – Savills’ Julian Heatherich, Mark Stafford and Benson Zhou with Amicum Agents’ John Newman, Glen O’Brien, Phil Kadletz, declined to comment about any deal (story continues below).
Deal latest in a string for Melbourne aged care investments
The Parkdale deal comes four months after Japara sold another south east Melbourne aged care investment with a leaseback, in Springvale, for $13.4m.
In February a Singapore based buyer outlaid $11.3m for a 70-bed and near-new complex in Boronia, 29kms east of the city. Like 43-45 Herbert St, this asset was offered with a 15-year lease.
Two years ago, Baptcare acquired three aged care investments in regional Victoria from Alliance Care Services Group. Blackburn’s Crofton House sold, too – again to an offshore buyer, for c$8.5m.
Presently, Japara is seeking to sell two more south east Melbourne assets of this type, in Capel Sound – the new name for Rosebud West – and Bonbeach.
