Former Chronos Care Aged Care Home For Sale in Mount Eliza

27 March 2022

The former Mount Eliza Aged Care home of Chronos Care is set to be offered for sale with Vacant Possession in the coming weeks.

The 60 bed aged care home was closed along with the operators Alphington home in November of 2021, however the Mount Eliza operation remained open until February of this year under the control of receivers until all residents could be relocated. The Mount Eliza home was Chronos Care’s flagship centre with liquidators last year unable to account for more than $16,000,000 in refundable aged care deposits (RADs) tied to the operation.

The property is being marketed by CBRE’s Australian Healthcare & Social Infrastructure team comprising Marcello Caspani Muto, Sandro Peluso, Jimmy Tat and Development sites expert David Minty . The agency group are leaders within the vacant possession and going concern Aged Care space having sold 4 homes in 2021 in excess of $5,000,000 and only two weeks ago transacted the former Estia Aged Care home in Windsor (VIC) for over $10,000,000. CBRE are acting under instructions from receivers Grant Thornton.

The vacant aged care home is located on the Corner of Mount Eliza Way and St Johns Lane and also features exposure to Nepean Highway. Located only 200m from the Mount Eliza village the property comprises a site area of circa 8,400sqm* and is expected to capture the interest of Aged Care owner occupiers, healthcare conversion users and developers.

Marcello Caspani-Muto said “There size and scope of the existing improvements is substantial. There is a generous volume of communal space while rooms are oversized by Aged Care standards and all bathrooms are only recently renovated. As such we expect there to be strong interest from both Aged Care owner occupiers and investors who will then look to re-lease the property.

“As the volume of vacant aged care homes offered to market increases so too has the potential buyer pool. We are seeing NDIS/Hospital/Rehab and motel groups all reviewing these kind of offerings now.”

Sandro Peluso added “Substantial offerings of this size within the Mornington Peninsula are tightly held so when they do come to market they very much sought after. The property has an existing building area of near 3,000sqm* with fairly substantial expansion and refurbishment potential.”

“Couple the significant underlying land area with the rising costs of Aged Care and healthcare related construction costs which we are hearing is near $400,000 per bed as of this month and these opportunities present undeniable value to buyers with purchase prices often well below replacement cost.” Peluso added.

1 St Johns Lane, Mount Eliza is being offered for sale via Expressions of Interest which will close on Thursday 21st April.