When Phil Smith rings and says he has the best development opportunity he has seen in over 10 years, you take note.
The Ex Head of Colliers and CBRE Healthcare, and now founder of Health & Aged Care Confidential (“HACC”), introduced us to this unique offering by a unique client and it is our Property of the Week (see the ad below).
The property has recently been re-zoned by NSW Department of State Planning to potentially allow uncapped FSR with no height limit.
While residential apartments may be “highest and best use” and may attract the highest sale value for the site, the owner of the property wants to see the site developed as an integrated aged care and retirement village / residential unit community, to leave a family legacy in the region.
Subject to planning approvals, conceptual plans have been developed to accommodate a 150+ bed aged care facility and 450+ retirement or residential apartments, which can be developed in stages. Many will capture water or racecourse views.
Phil says in terms of a return on investment, conservative modelling suggests the development will yield extraordinary profits.
The site is in the heart of a major CBD base, with health and retail amenities, sporting clubs and a major train station within 1km of the site. This region is a retiree hotspot, with big migration by over 65’s.
Phil says: “This opportunity ticks all the boxes”.
You will need to sign a confidentiality agreement to obtain an information memorandum.
Since setting up Health & Aged Care Confidential, Phil has advised on the sale of the Manor Aged Care Facility at Villawood and Bexley Care Centre in Sydney as well as the sale and leaseback of six aged care facilities in Queensland with Infin8 Care and Australian Unity Healthcare REIT.