Eldercare triumphant in bid for new aged care site in prime location
Eldercare secures major Adelaide infill site for new aged care home
- Expansion move: Eldercare planning 160–200 bed facility at Thebarton
- Hot site: Former Coca-Cola land drew 130+ enquiries and 11 offers
- Premium result: Property sold around 30% above expectations
- Growth corridor: Site benefits from major hospital and infrastructure investment
One of Adelaide’s most significant CBD-fringe development opportunities has been sold to the Not For Profit aged care provider.
Eldercare Chief Executive Jane Pickering confirmed the organisation will develop a 160–200 bed residential aged care facility on the 9,751sqm landholding in the suburb of Thebarton, 2km west of Adelaide's CBD.
“With growing demand for residential aged care, this investment will enable Eldercare to expand access to high-quality services for older South Australians," she said.
“We will deliver a contemporary, fit-for-purpose facility that supports individualised care through our best-practice model, while helping to ease pressure on the sector.”
The provider has 13 residential care sites located across the greater Adelaide and Yorke Peninsula region. It opened Eldercare Goodwin in February 2025.
The high-profile site, forming part of the former Coca-Cola building, attracted more than 130 enquiries and 11 formal offers from local and interstate parties across residential, commercial, healthcare and mixed-use sectors. It was owned by AnglicareSA.
The property ultimately sold for approximately 30% above market expectations.
“This was one of the most competitive campaigns we’ve seen in recent years, reflecting strong investor confidence in Adelaide and particularly in city-fringe precincts undergoing significant transformation. The combination of scale, dual zoning flexibility and prominent frontage, together with proximity to major infrastructure, generated interest from a diverse pool of buyers and ultimately drove a premium outcome,” Rhys Newman, Associate Director, South Australia | Investment Services at Colliers, said.
Thebarton continues to emerge as a key growth corridor, supported by billions of dollars in surrounding investment including the $3.2 billion new Women’s and Children’s Hospital, the $1 billion Southwark Grounds development and other major mixed-use projects, as well as direct tram connectivity to the CBD.
“Demand for healthcare, aged care and seniors living assets remains exceptionally strong, particularly in locations near major hospital infrastructure and transport," Justin Hazell, Colliers National Director | Healthcare & Retirement Living, said.
