The unnamed operator fought off competition from another provider and an Asian developer to purchase the 5200m2 site on the corner of Brunswick Rd and Barkly Street.
They join a growing list of aged care providers looking to tap into Melbournes prestigious bayside and eastern suburbs.
Last week, global healthcare group Bupa shelled out $23 million for the now-vacant Oakleigh South primary school in Beryl Road.
That site had been owned by Chinese development group Oakleigh Garden, which was seeking approval from Monash Council for a 67-unit, low-rise development.
Their first application, which had 115 dwellings, attracted more than 1100 objections from local residents and was rejected by Council.
The Bupa deal marks a tidy payday for Bo Jiang, the Chinese businessman who controls Oakleigh Garden. He paid the state government just $14.6 million for the school in 2014 as part of the widespread crown land sell-off by the former Liberal Napthine government.
