Not For Profit sells land approved for retirement living and aged care

A Not For Profit provider has sold a metropolitan site previously approved for retirement living and aged care development, as organisations continue to reassess capital allocation and development pipelines.

The transaction follows a separate divestment by Southern Cross Care (Tasmania), which in November last year closed its 94-bed Rosary Gardens aged care home in New Town, 4km north of Hobart’s CBD. The Tasmania Government subsequently paid $33 million for the 3.9-hectare site to convert it into a mental health facility.

In Western Australia, Southern Cross Care WA had secured approval for a six-level development in Jolimont, 5km west of Perth’s CBD, comprising 75 independent living units and a 44-bed aged care facility, with an estimated end value of around $55 million, according to realestate.com.au.

The organisation purchased the land in 2018 for $8.9 million and has now sold it for $9.13 million to a syndicate, Salvado Pty Ltd, through Effective Property Solutions.

Salvado is planning residential apartments on the site, which adjoins WBG Property’s seven-level Jolie Residences development.