The purchase includes four aged care facilities at Brighton-Le-Sands, Chatswood, Doonside and Wyong, plus a vacant aged care facility in Toukley on freehold land; 4.3 hectares of development land in Wyong; and 507 bed licenses, 265 of which are currently operational attached to the facilities.
The listed provider says its focus is now on completing a newly-built 73-bed home at the Brighton-Le-Sands home before developing a new 120-bed home on the Wyong site to replace the existing facility.
The new facilities will add around $14.5 million of Refundable Accommodation Deposit (RAD) and employee entitlement liabilities to Japara’s books, but they expect good value from the investment – $23 million in net RAD inflows alone from the Brighton-Le-Sands home over the next 18 months.
Chief Executive Officer and Managing Director Andrew Sudholz says the new portfolio will speed up their strategy to build a strong position in the Sydney market. Japara already has a 110-bed greenfield development in Sydney’s Belrose, plus homes in Bayview, Coffs Harbour, South West Rocks and Albury.