Ex-Burwood Hill Aged Care home sold
An offshore investor has snapped up Burwood’s former Trinity Manor aged care facility, and standalone dwellings either side of it, for $12.56 million.
Despite the holding being offered permit-ready for a 110-bed replacement, the nursing home, on 3057 square metres at 12-16 Edwards Street, will be retained and repurposed as a supported residential services facility focusing on NDIS participants.
The vendor picked up that component, also once the Burwood Hill Aged Care home, in 2011.
Meanwhile, one of the two adjoining residences, 18 Edwards St, which the vendor acquired in 2015, will likely be redeveloped and connected to the main building.
The other dwelling, 8-10 Edwards St, covering 1450 sqm, and also purchased eight years ago, is expected be retained as an investment.
International buyers back: agents
CBRE Healthcare & Social Infrastructure’s Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat represented the vendor, Trinity Care; their deal values each bed at $280,000 (story continues below).
“The transaction was made slightly more complex by the inclusion and transfer of the existing aged care company via a share sale arrangement,” Mr Caspani-Muto said.
“As the company was an approved provider and held 45 active bed licenses, this added…value to the property,” he added.
Following the disposal, Trinity retains homes at Balwyn and Greensborough.
“International investment activity is once again surging across Australia, despite commentary surrounding funding challenges,” Mr Tat said.
“Since China’s borders reopened, we have seen high demand for larger commercial investments with our team handling a number of highly liquid Asian investment mandates,” he added.
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