The Provectus Care CEO has finished a $10 million refurbishment of the heritage-listed Darling House into a luxury aged care home after four years – complete with a price tag to match.
As we reported here, Dr Moran (pictured right) purchased the 10-bedroom 1840s Victorian Georgian-style home in 2016 during the NSW Government’s sell-off of historic properties adjacent to the Harbour Bridge for $7.7 million – the site had been run as a low-income aged care facility for inner-city residents for over 20 years until the Government controversially ended its $5-a-week rent agreement in 2015.
In an interview with the Fin Review, Dr Moran said Darling House reflects the Royal Commission’s recommendation for small home models.
“The Darling House care concept is all about a small number of elderly residents residing in a club-like feeling and still able to enjoy independent later living,” he said.
“It’s really a hybrid of care between the Commonwealth’s aged care model and state-regulated retirement living.”
Each of the seven residences features French parquetry floors, tiles from Spain, Victorian marble fireplaces and technology including mirrored TVs, custom electric beds and call bell systems.
The apartments will be priced from between $2 million and $4 million for a 99-year lease, plus $2,000 a month service fee which includes all meals, 24/7 staff including a nurse during the day, laundry and a car to take residents on outings.
Provectus will also share in any capital gains at the resident’s exit.
The CEO added it will take at least five years to begin to make a return on his investment – particularly given the home does not qualify for Government funding.
However, to meet Government regulations, Dr Moran said he would have to hire 10 staff which is financially unviable in a small home.
“Residents want to have this small boutique experience,” he said. “The compliance and paperwork is so erroneous under the Aged Care Act. We have so many models of care for such a small country. This user/pay model must be part of the system.”
The home is already winning some kudos – it recently won the Master Builders Award for Restoration/Adaptive Reuse of an Historic Building.