Interstate aged care provider swoops on vacant Melbourne facility
MA Financial backed aged care accommodation provider Infinite Care, also branded Infin8 Care, has bought its second Melbourne facility.
The 60-bed ex-Estia Health Prahran complex at 241 Dandenong Road, Windsor, is setting it back $11.75 million.
The seller paid $9.75m two years ago.
Already modernised, it underwent another renovation with plans for it to become NDIS-approved housing.
CBRE’s Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat were the agents both times.
Nineteenth facility
Infinite Care, headquartered in Bundall on the Gold Coast, was established 10 years ago with the purchase of Adelaide-based Bonney Healthcare.
MA has controlled about 70 per cent since 2017.
The company has 17 operating facilities – eight in its home state, with five in South Australia (all former Bonneys) and four in New South Wales – accommodating over 2000 residents.
The Windsor property is expected to be trading by mid-next year.
The deal comes 13 months since we reported the operator agreed to buy an unbuilt Knoxfield facility, Waterford Valley, with Australian Unity (story continues below).
With 177 beds over six levels, that asset is also due for completion in 2025.
Inner-city asset
On 1704 square metres, with development upside (at least one level could be added to the existing improvement), the Windsor facility contains 2286 sqm.
Every unit has an ensuite.
Near The Avenue Hospital, Windsor Private Hospital, Cabrini, Masada and The Alfred, the property, as an investment, could have returned annual rent of about $700,000, according to the agents.
“We have seen a positive trajectory of growth across the aged care sector over the past 12 months,” Mr Tat said.
“The market is experiencing a strong average occupancy of more than 90pc, which is giving aged care and seniors living providers the confidence to plan for expansion or upgrades,” he added.
“This drive for growth is also attracting international investors who have been waiting for the right opportunity to enter the market,” according to the executive.
Windsor is about six kilometres south east of Melbourne’s CBD.
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