The Not For Profit will not be running its WRB by PresCare aged care home that it had partnered with Justin Laboo’s aged care and retirement village investment REIT at Corinda, 9km west of the Brisbane CBD.
We understand that the four storey, 96-bed home has been completed but there is no information on which operator will now run the home.
As we covered here, PresCare had partnered with Catalyst to buy the 5,000 sqm site back from village operator Aura Holdings for an aged care home after selling the land to Aura in 2016.
Aura has since completed three stages of development of its $130 million, 262-unit Kingsford Terrace retirement village on the remaining land adjacent to the aged care home.
PresCare had owned the site since its founding in 1929 and at the time, 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 an opportunity to return to the site.
The Corinda development was the second for the PresCare/Catalyst partnership following its 140-bed Protea by PresCare in Townsville.
PresCare has six aged care homes and three co-located retirement villages plus home care services, allied health and respite across Queensland, while Justin, a former CEO of village operator Aveo, launched Catalyst in 2017 backed by super fund Sunsuper and $300 million for greenfield developments.
We reached out to both PresCare and Catalyst for more information.
We had not received a response from Catalyst by the time of publication, but PresCare tells us that as a ministry of the Presbyterian Church of Queensland, they have been committed to supporting older Australians since 1929.
“As a Church at the heart of the community we remain committed to caring for aged and vulnerable members of society. Given the changing landscape of providing aged care and its intensive resourcing requirements, PresCare is undertaking a strategic review of its business, which remains underway,” they said in a statement.
“As a part of that review, PresCare is working with key stakeholders, including landlords of various of its facilities, to help refine its aged care strategy.”
