Rare aged care investment for sale in Melton

An aged care investment – rare because, according to the marketing agency, 98 per cent of these properties are owner occupied in Australia – is for sale in Melton, about 35 kilometres west of the Melbourne CBD.

The Willowbrae Residential Aged Care complex (pictured above and below) is being offered by a consortium of owners including Mario Abbotto, who owns a Wantirna hospitality venue occupied by the Richmond Football Club, and Lucky Tzirkas, whose De Nova Group specialises in building aged care, hotel, gaming and child care facilities.

The Willowbrae complex at 116-156 Centenary Avenue is expected to sell for in excess of $9 million.

The 5157 square metre holding is configured with a 60-bed facility, built in 2002 and offering a mix of low, high and respite care.

The tenant pays annual rent of $582,000.

The 60-bed facility offers low, high and respite care.

Sandro Peluso, Josh Twelftree, Jimmy Tat and Marcello Caspani-Muto, from CBRE’s Healthcare department, have the listing.

Private investors and institutional groups are expected to show an interest, the brokers said.

“This property shares a number of attributes with traditional healthcare offerings and is underpinned by the same positive demographics…most notably, the country’s growing and ageing population – reflected in Melton’s forecast population growth of 194 per cent by 2051,” Mr Peluso said.

Mr Twelftree added that Willowbrae’s has earned a local reputation as a high-quality facility.

“Featuring superior design and construction and a floor plan that is reflective of the country’s newest and highest quality aged care facilities, Willowbrae is positioned for long term success”.

The asset will be offered on September 5 at a boardroom auction, streamed globally, and with live online bidding.

Last month, we reported that producers of hit TV show The Block paid c$15 million for the Brighton site which once accommodated the Andrina Nursing Home.

In June we reported that a health care investment – a day hospital at 26-28 Chesterville Road, Cheltenham – sold following another boardroom auction of this nature, for $5.52 million, reflecting a yield of c5.2 per cent.

In May we reported that an aged care provider outmuscled townhouse developers at auction paying $8.2 million for the two-hectare former Calder Rise Primary School in Keilor, in Melbourne’s north-west.

Two weeks ago we reported that Japara spent $10 million on three residential homes abutting its Elanora aged care complex in Brighton.

This news came the day after we reported that producers of hit TV show The Block spent about $15 million on the former Andrina Nursing Home (pictured, above). Also in Brighton, the Andrina site will be the subject of the show’s 2020 season, with five homes, from different eras, set to be moved to the 360 New Street, then renovated.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.