A landmark Aged Care home in Springvale will continue the recent run of Vacant Aged Care opportunities across the Australian property market over the past 12 months.
The home is being marketed by CBRE’s Australian Healthcare & Social Infrastructure team of Marcello Caspani-Muto, Sandro Peluso and Jimmy Tat under instruction from Mercy Health. The campaign will mark the sixth within the Aged Care category having been sold by the team in the past 10 months alone with a 100% clearance rate.
The subject property features a land area of 3,929sqm* with a combined single level building area of 1,551sqm* resulting in 42 bedrooms all of which are single with en-suites. The home was also subject to a refurbishment to a number of communal areas and bathrooms in 2019 which is forecast to attract a number of potential occupiers and alternate users to the opportunity.
Marcello Caspani-Muto said “Vacant Aged Care homes have long had their improvement values underappreciated. However over the past 18 months with increased education and greater transaction volumes this is beginning to change.
Depending on the age, quality and maintenance history, there are often opportunities for investors or owner occupiers to secure these homes at below-replacement cost for existing use or alternate level conversions. Given the substantial nature of the underlying land area associated with a single level home and the surplus land associated there is also the ability to expand the home to achieve greater operational scale or subdivide to further diversify the end users holdings.”
Sandro Peluso said “Aged care construction costs are substantial, which creates an incredibly high barrier for developers and investors to enter the sector and means new projects are rarely feasible.
“We are expecting investor and owner occupier groups to recognize the full value of the location and it’s subsequent underlying value. So rare are sales of this scale in the Stonington postcode that comparable’ s of this size in the past half-decade are non-existent.
470-476 Springvale Road, Springvale is being offered For Sale via Expressions of Interest Closing on April 6th at 2pm (AEST)
