Melbourne aged care complexes sell
NorthWest Healthcare Properties is continuing to boost its local portfolio, snapping up one of two retirement homes formerly operated by Chronos Care.
The Mount Eliza property, last known as the Ranelagh Gardens Aged Care complex (pictured, top), set the buyer back $11 million in a deal which settled in May, according to documents.
On 8424 square metres at 1 St John’s Lane, also with frontage to the Nepean Highway and Mount Eliza Way, the asset contains a single storey building with 60 suites, each having a bathroom.
It was marketed to other essential groups or developers – the land being zoned Residential 1.
The underbidder was a childcare centre operator.
Ranelagh Gardens closed mid-last year, shortly after Chronos was put into administration.
A second asset formerly operated by that brand, in Alphington, is still for sale, expected to fetch c$9m.
Baptcare sells tofu curtain block
Meanwhile at Preston, Baptcare this week sold the ex-Bellhaven Hostel at 547-567 Bell Street, the road agents say occupiers consider a cultural divide and dub Melbourne’s ‘tofu curtain’ or ‘hipster proof fence’.
On 2637 square metres, it contains a two level building with 48 rooms, each with an ensuite, and 29 basement car parks (story continues below).
It too was offered with vacant possession.
A private investor intending NDIS-approved Specialist Disability Accommodation certification is the buyer, for a speculated $9m.
CBRE’s Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat brokered both deals.
“Additional users are now starting to appreciate the conversion potential of these buildings, not just for supported accommodation but also healthcare, aged care and NDIS users,” Mr Peluso said.
“The cost of refurbishment and extension of these existing homes is dramatically less than new developments,” he added.
The Preston transaction comes two months since the agents sold an empty aged care complex at 241 Dandenong Road, Windsor – formerly known as the Crescent respite facility and after that, Estia Health Prahran – also to a SDA provider, for $11m.
Baptcare, meanwhile, has been growing its portfolio with larger modern assets, including in 2018, three major Gippsland homes.
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