CBRE transact another vacant seniors living assets in the prestigious suburb of Balwyn

3 April 2024

CBRE’s Australian Healthcare and Social Infrastructure team of Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat have transacted yet another vacant seniors living asset, this time in the prestigious suburb of Balwyn. The property was purchased by a notable consortium led by Gersh, James Packer and Todd Nisbet (Crowns executive VP).

The property located at 23 Maleela Avenue, Balwyn was formally known at Aveo’s Balwyn Manor. The former Aged Care and Retirement home was home to many of Melbourne’s elite, most of which have transferred to other Aveo operated homes locally.

The subject property had 52 beds and is expected to have sold for a figure in excess of $13,000,000. The property was sold in conjunction with NSL Property Group.

Marcello Caspani-Muto said “Buyers have accepted where the cash rate is and have no immediate views they will be declining in the short term. Acquisition momentum is gaining pace as people are getting sick of sitting on their hands for a prolonged period of time. As sentiment continues to improve buyside opportunities will continue to dissipate and we expect and increases transactional volume in Q3 and Q4 most notable across vacant and leases social infrastructure real estate.”

Sandro Peluso added “We have seen such a rapid rise in the divestment of vacant Aged Care assets with no one leading buyer type the standout so it’s hard to predict who the best end user for the asset will be. We have sold comparable homes to private investors, owner occupiers and funds across various sectors in the past 36 months. While developers often review the opportunities it is incredibly rare for them to be competitive from a pricing placement scenario.