Villa Maria Catholic Homes is paying $8.2 million for a development site in Box Hill.
The not-for-profit intends to build an aged care complex specialising in dementia and palliative care on the 5047 square metre block at 110 Albion Road, abutting both Gardiners Creek and RHL Sparks Reserve, in a leafy part of the suburb, 14 kilometres east of the city.
Colliers International’s Ted Dwyer, Ben Baines and Alex Browne said the “extremely rare” site piqued the interest of standard residential developers, which, like VMCH, can consider something medium density given the zoning.
Other aged care accommodation providers, childcare centre developers and churches expressed an interest, too, while all up, more than 100 enquiries were received, they added.
“Large parcels of this scale are extremely rare in the Box Hill area so its no surprise that 110 Albion Road generated a significant amount of interest during the campaign,” Mr Dwyer said.
“The site’s current zoning will enable VMCH to deliver a landmark aged care residence to meet the needs of the elderly cohort in the Box Hill area,” Mr Baines added.
The purchaser intends to complete construction by 2023.
Based in East Melbourne, VMCH retains a portfolio of Victorian and New South Wales nursing homes.
It recently completed Marcellin Village in Kyneton and is investing in a new one, in Melbourne’s north Greenvale.
Vendor is a not-for-profit too
The Albion Road parcel was offered by the Association of the Franciscan Order of Friars Minor, which retains the heritage listed and enormous St Paschal’s complex, next door.
Innova Capital managing director Wayne Camenzuli represented the vendor
The holding is one of a portfolio held by the church which the executive has identified for alternative use.
It is also VMCH’s second local development site purchase in recent months.
“The [Box Hill] acquisition represents an opportunity for us to continue the provision of our specialist services models through the creation of purpose-built environments,” VMCH chief executive officer Sonya Smart said.
“These particular, specialised environments allow us to better support the delivery of outstanding memory support and palliative end of life care. This is an exciting time for us, as we continue to develop our targeted approaches to aged care.”