Not for profit lists major apartment site
Villa Maria Catholic Homes, or VMCH, has listed for sale a park side block permit-ready for a multi-level aged care complex – a scheme which may be amended for a traditional residential project.
The 5047 square metre parcel, 110 Albion Street, Box Hill, is expected to sell for over $9.5 million.
It paid $8.2m in mid-2020 before lodging plans for the redevelopment.
JACX Property’s Steve Bennett and Matt Brown-Greaves are the transaction managers.
Cushman & Wakefield’s Joe Kairouz and Leon Ma are representing them.
Box Hill is 14 kilometres east of Melbourne’s CBD.
Flexible shell
Zoned Special Use, the permit allows for a four level aged car home with 100 beds (artist’s impression, top).
Following an imminent gazette to General Residential, with planning minister Sonya Kilkenny, a traditional apartment project, including build to rent, could be considered, as could be townhouses, Mr Kairouz said.
Units in any project would offer north west facing view security over the 27 hectare RHL Sparks Reserve (story continues below).
Street facing dwellings meanwhile would enjoy leafy vistas, Albion St being tree-lined.
This block is about a kilometre from Box Hill’s CBD.
“We anticipate strong interest from the aged care and retirement living sector given the site’s prime location and growing demand for senior housing and care,” according to Mr Kairouz.
“Fourteen kilometres east of Melbourne’s CBD and just 1.2km from Box Hill’s bustling centre, the site offers a highly sought after park-front setting…with a 72 metre frontage to Albion St,” he added.
The listing comes a month since we reported Arcare acquired aged care development sites in Brighton and North Essendon.
Last September meanwhile, Regis outlaid $103.5m for two assets of this type in Capel Sound and Mornington.
Outside of Victoria, Estia and BaptistCare have this week made major portfolio additions for Sydney assets.
The latter deal saw Presbyterian Aged Care shed its last aged care asset.
Subscribe to our newsletter at the bottom of this page.
