Redhill shifts Preston property strategy with disability lease
A former aged care home repositioned as a disability accommodation facility and sold vacant – has been leased.
Premier Supported Living Group has signed a long-term lease for 547 Bell Street, Preston.
Starting annual rent is $530,000 with fixed CPI-linked rent rises.
Redhill Hospitality is the landlord.
It paid $6.5m for the property in June with plans to plug it into the Redhill Living co-living portfolio.
CBRE’s Sandro Peluso and Marcello Caspani-Muto brokered the purchase.
The agents, with Paramount Homes’ Jeffrey Chen, also secured the lease.
Change of plan
Redhill secured the property in 2022, soon after it was vacated by Baptcare and used as an aged care home (continues below).
A significant refurbishment converted rooms into larger suites and added kitchen and dining facilities.
Upon completion there were 41 rooms.
The former owner also added communal areas and secured NDIS certification for High Physical Support, allowing it to operate as specialist disability accommodation.
Redhill Partners’ James Hyndes and Guy Peterson said they intended to operate the property as part of Redhill Living’s co-living portfolio before the decision was made to secure a longer-term tenant.
Mr Peluso said former seniors living properties were attracting interest from disability accommodation operators as purpose-built NDIS supply remained constrained.
Premier intends it to accommodate residents requiring high physical support.
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