Pictured above: 8-18 Edward Street, Burwood
A vacant Burwood Aged Care home is poised to continue the strong deal flow activity into the new year of the asset class, with the owner-operator acting to divest the property and its surrounding land parcels, which were decanted in December 2022.
CBRE’s Australian Healthcare & Social Infrastructure team of Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat will be marketing the subject property. The team who have pioneered the sale of vacant Aged Care homes over the past 36 months held a 91% market share in the sale of these assets nationally in 2022.
The subject property is located at 8-18 Edward Street, Burwood, and is comprised of an existing Aged Care home previously operating with 45 beds, plus two adjoining land parcels on either side of the premises allowing for future expansion, leading to a combined landholding of 5,614 sqm*. While the property already features an existing Development Approval for a new 110-bed Aged Care home, it is expected that buyers will make use of the existing improvements.
Marcello Caspani-Muto said, “the record levels of transactional activity and newfound buyer appreciation for the vacant aged care asset class was well documented in 2022. We expect this strong run of activity to continue well into 2023 and beyond. Burwood offers all the fundamentals we have seen occupiers and investors come to appreciate most when bidding on Aged Care assets. The property is well located, offers future expansion potential, and the improvements are in terrific condition. Having only been built in the early 2000s, key design elements for modern-day operations are still very much feasible.”
Sandro Peluso added, “the building's wide hallways, doorways and large rooms are likely to see the property appeal to a number of occupiers and investors across Disability Accommodation (SDA), NDIS, Aged Care, Short Stay Accommodation and Healthcare. While land values in the Burwood area is always well sought after, the quality of the existing improvements cannot be understated. A number of incoming purchasers will appreciate the minimal renovation or refurbishment spend required on the existing building in order to lease or commence operations within the short term."
The subject property will be sold via an Expressions of Interest Campaign closing Thursday 2nd March.
