A vacant aged care home in the Melbourne suburb of Burwood, 14km east of the CBD, has sold to an overseas investor for $12.6 million, setting a new asset class benchmark for agents CBRE of $280,000 per bed.
The 45-bed Trinity Aged Care site sold with two adjoining properties forming a 5,614sqm land holding.
The property has a Development Approval for a new 110-bed aged care home, however, a statement from CBRE says the buyer plans to repurpose the existing building to deliver NDIS services.
One adjoining building will be redeveloped and connected to the main building. The other adjoining structure will be retained for investment purposes, Real Estate Resource has reported.
Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat from CBRE’s Australian Healthcare and Social Infrastructure team brokered the deal.
“International investment activity is once again surging across Australia, despite commentary surrounding funding challenges,” Jimmy said.
“Since China’s borders re-opened, we have seen high demand for larger commercial investments, with our team handling a number of highly liquid Asian investment mandates.”
CBRE has brokered a range of other vacant aged care home sales recently, achieving rates from just over $115,000 per bed to Trinity’s $280,000.
