The Not For Profit has joined with Justin Laboo’s new funding REIT to purchase the 5,000 sqm site in Corinda, 9km southwest of the Brisbane CBD, for a confidential price for a three-storey, 100-bed aged care facility.
Aura had actually bought the 3.1 hectare site from PresCare in 2016 and is currently developing their 262-unit Kingsford Terrace retirement village on the remaining land.
PresCare had owned the site since 1929 until the 2016 sale which was known as Hopetoun and operated as an aged care facility and retirement village.
PresCare CEO Greg Skelton said when they saw the land had been earmarked by Aura for an aged care development with an existing development approval, they saw it as an opportunity to return to the site.
The development is the second for the PresCare/Catalyst partnership. As we covered here, Catalyst is the brainchild of former Aveo CEO and is backed by Sunsuper and $300 million for REIT greenfield aged care developments.
Check out Justin Laboo’s REIT presentation at the LEADERS SUMMIT HERE.