Summerset snaps up Oakleigh South block
New Zealand based retirement village operator Summerset Group has snapped up its fifth Victorian site – in Melbourne’s south east.
The former Oakleigh South Primary School, covering 1-17 Beryl Avenue and 52-60 Golf Road – all up 1.83 hectares – is understood to be trading for just over $33 million.
The vendor, VIMG, paid $26.07m in 2018.
That seller, Bupa, outlaid $23.1m two years earlier.
The state government offloaded the ex-school to an Asia based developer for $13.55m in 2014.
Earlier this week, we reported Summerset outlaid a speculated $30m for an 8.1ha Craigieburn parcel.
Since entering the local market two years ago, the group has also purchased sites at Chirnside Park, Cranbourne North and – outside of Melbourne – in Torquay.
Ex-Oakleigh South Primary School
VIMG offered the Oakleigh South block in July – shortly after the Victorian Civil and Administrative Tribunal approved a now redundant proposal for 83 townhouses (story continues below).
“The acquisition underscores the company’s drive to introduce older Australians to its high quality model of retirement living which is already enjoyed by more than 6600 New Zealanders,” Summerset chief executive officer Scott Scoullar said.
“The land is located in Melbourne’s renowned sand belt, where a number of Australia’s best golf courses are found, and shares a boundary with the Metropolitan Golf Club – overlooking the 16th and 17th holes,” he added.
“We know that many people like to retire in their neighbourhood so we look forward to giving Oakleigh South residents further opportunity to do that,” according to the executive.
Colliers’ Hamish Burgess, Trent Hobart and Joe Kairouz brokered the off-market deal.
“Social infrastructure investment, including retirement living and aged care, in the development site asset class, has been drastically higher in 2021 with in excess of $210m worth of sales recorded so far compared to $115m in 2020,” Mr Burgess said.
The Oakleigh South site is 16 kilometres from town.
In the neighbouring suburb of Highett, the CSIRO last year sold a 9.34ha ex-laboratory to Wolf Group which is proposing townhouses.
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