Why Opal HealthCare’s latest aged care development jumped from $80M to $125M

As the private operator’s development application for a 145-bed aged care home on Sydney’s Upper North Shore was being assessed as a State Significant Development (SSD), the owners of two adjoining properties made an unexpected approach.

The owners of 293 and 295 Mona Vale Road, which together comprise 3,400 sqm, were prepared to sell.

A spokesperson for Opal HealthCare told The Weekly SOURCE: "After considering the potential opportunity to provide additional, much-need residential aged care services for the significantly ageing population in St Ives, Opal HealthCare purchased the properties in May 2025."

The SSD for St Ives Botanica Care Community, as the St Ives proposal is named, was approved two months later.

In December 2025, Opal HealthCare lodged a modification application with the SSD, with the revised plans now on exhibition until Wednesday 4 February 2026.

The amended cost of the expanded development would be $125 million, up from $80 million previously.

The modification would create the addition of a new northern wing, extension of the basement carpark, and the provision of 62 additional aged care beds, taking the total development to 210 beds.

Strong development pipeline

Opal St Ives Botanica Care Community is Opal’s second project approved through the SSD process. The first was the 165-bed, three-storey Narwee Parklands Care Community, built on the site of a former Bupa aged care home.

Opal HealthCare also has four homes set to open this year:

• In Melbourne, existing residents will transfer to the new 121-bed Croydon Grove Care Community, 30km east of the Melbourne CBD this year. New residents will move in during February.
• Clyde North Terrace Care Community, 50km southeast of the Melbourne CBD, is expected to open later this year.
• In Sydney, the Springwood Greens Care Community expansion will open this year in the Blue Mountains, 72km west of the CBD.
• And the new 160-bed Carlingford Greens Care Community, 24km southwest of the CBD, will also open this year (withdrawn from the SSD process).

In addition, another four homes are in development across Sydney:

• The 153-bed St Clair Grove, 50km west of the CBD
• Jordan Springs, 53km west of the CBD
• The 165-bed Narwee Parklands, 18km southwest of the CBD
• Belrose Views Care Communities, 20km northeast of the CBD

This month, Opal HealthCare Bella Vista, with a planned 135 aged care beds, 33km northeast of the Sydney CBD, has received approval to proceed as a SSD.

Australia’s largest residential aged care operator

After acquiring three Victorian aged care homes from Australian Aged Care Group in September last year, Opal HealthCare now operates 142 aged care homes across Australia.

In May last year, Pacific Equity Partners (PEP), one of Australia’s oldest and most successful private equity firms, finalised its acquisition of 50% of Opal HealthCare from AMP Capital.

The remaining 50% continues to be owned by Singaporean investor GK Goh Holdings.