The Victorian family-owned operator (John, Russell and Graham Knowles plus Ian Ball) has beat out three other private developers to secure the 8,797 square metre Springwood Bowls Club for a sizeable seven-figure sum according to the selling agent.
It is one of the largest parcels of commercial land in the Logan City area and had received plenty of interest from buyers because it is close to the Pacific Motorway.
Arcare has expanded to 26 aged care homes in VIC and QLD since opening its first home in 1997 and will soon move into NSW with its first facility to open at Living Choices Glenhaven village in Sydney.
This is the second time round for the owners. Their first fortune was sealed in 2007 when they sold their retirement village business, Australian Retirement Communities ARC for $329 million to Stockland. At the time it was the largest private retirement village operator with 17 villages with 2,850 units, a business they commenced in 1969 when they built the Frankston Baptist Centre.
They remain close to the growth of the village operator Retirement Communities Australia (RCA) led by Andrew Phillip, who they employed at ARC.