Rockpool keeps building
Construction is underway on the five-storey, 144-bed aged care home Rockpool Kedron, located 7km north of the Brisbane city centre.
After selling four aged care homes to Regis in July, private operator Rockpool now has two projects under construction and a third in planning.
In the last month, construction has commenced on the operator's five-storey, 144-bed home in Kedron, 7km north of the Brisbane CBD. The $60 million home is expected to open in 2027.
Also underway is a six-storey, 253-bed home at Hamilton Northshore, 8km northeast of the Brisbane city centre. Hamilton Northshore is slated for opening mid-2026.
Builders for both projects is McNab, cementing a firm alliance. The builder has now worked on six projects for Rockpool. Architects/project managers are GJG Architects.
Rockpool also has a development planned for 26 Cougal Street, Southport, 73km south of Brisbane on the Gold Coast. A development application was lodged in June.
In September, ASX-listed Regis Aged Care acquired four aged care homes from Rockpool - Morayfield, Carseldine, Pelican Waters, and Oxley - with a total 600 beds. The $135 million purchase, including $204 million in RAD liabilities, valued the operations at $565,000 per bed. Cash from the sale is going towards Rockpool's ongoing development pipeline.
Bill Summers founded Rockpool in 2016. A veteran of the industry, Bill established Ashmore Aged Care in the 1980s. He went on to co-found Domain Aged Care in 2002, which became Opal HealthCare, now Australia's largest operator.
