Regis grows aged care pipeline
Regis Healthcare has paid $14.15 million for a Belrose aged care site.
The 2.145 hectare parcel, 181 Forest Way, was offered in February.
The vendor, Chriroseph Pty Ltd, had only four months earlier obtained a permit to replace it with a 100-room facility containing 105 beds, a dementia ward (with 25 beds), café, hair salon, gym, private lounge and dining areas, central courtyard and two level car park with 45 bays.
All up the structures will spread 8012 square metres.
The project’s end value has been estimated at c$32.5m.
Belrose is about 19 kilometres north of Sydney.
181 Forest Way, Belrose
The Land and Environment Court approved the proposal after it was rejected by the Sydney North Planning Panel and Northern Beaches Council on the grounds of over-development and non-compliance with building height and front setback built form (story continues below).
Commercial Collective’s Shane Nicholson, who marketed the site for sale, said there is presently a 227-bed deficit of aged care places in the region.
He added that by 2032, the area’s over-70s population will be 10,500.
It was 8500 in 2016, according to the agent.
Last week we reported Aspen spent $6.01m on the part-built Wodonga Gardens Estate, near the New South Wales/Victoria border.
In July, Ryman paid c$30.08m for the former St Mary’s Seminary at Melbourne’s Mulgrave, which was offered permit-ready for a facility containing 80 villa units, 110 independent and serviced apartments and a 60-bed aged care complex.
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