Rapidly growing Perth-based private aged are operator, Roshana Care, has acquired the co-located aged care home in Keyton Brentwood Village retirement village, Kincumber, and plans to give the home a "light refurbishment" before reopening.
The $4 million price tag followed a "competitive" expression of interest campaign with three aged care operators bidding for the nearly 30-year-old home located 85km north of Sydney.
Selling agent Marcello Caspani-Muto, Associate Director, Australian Healthcare and Social Infrastructure, CBRE, told The SOURCE the "building is in decent shape", and though originally 102 beds including doubles and triples, will reopen with 55 beds.
Retirement village provides ready market
A brand new, 150-bed aged care home is situated almost across the road from the facility, but Marcello said the home will "have its own market" and "serve the residents of the retirement village well".
The 4,253sqm facility, located at 1A Scaysbrook Drive, Kincumber, was operated by Aurrum Aged Care until 2021, when it closed due to staffing challenges during the pandemic.
A growth story
Last year CEO Dr Rosh Jalagge told our sister magazine SATURDAY that Roshana Care is on track to operate 1,400 beds by the end of the year, with aged care homes in Western Australia, New South Wales, Queensland and Victoria.
The operator is also targeting growth into the NDIS, community services, and mental health. Last week, they announced the acquisition of Wangara Medical Centre.
Improving aged care balance sheets
With increased Government funding since the Aged Care Royal Commission improving the sector's profitability, Director CBRE Asia Pacific, Sandro Peluso, said, "Many providers are opting to redevelop or renovate their own assets given they now have the balance sheets to do so."
He said with finite stock of aged care homes, there is "greater interest and pricing outcomes than ever before" as "more buyers compete for less stock".
When it can costs upwards of $500,000 to build new, $73,000 per bed for a well-located aged care home looks like a bargain.
