A significant leasing opportunity comprising two specialist disability (SDA) accommodation apartment buildings is poised to hit the market in the coming months. Being offered individually on in one-line the two properties are positioned in the heart of central retail and transports hubs in Sunshine and Greensborough.
The developments are led by Angelo Property Group along with their long term business partners Frank and Paul Ktenas who were also the party behind the recent purchase of the Mornington Village Shopping Centre for nearly $30,000,000 and have plans for a high density development project of near $150,000,000.
The opportunities are being marketed by CBRE’s Australian Healthcare & Social Infrastructure team comprising Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat.
Specialist disability accommodation falls within the NDIS Scheme and has made major headlines of late as a result of both a lack of available places and increased funding promises from both sites of government as part of the federal election process. Specialist disability accommodation (SDA) is a range of housing designed for people with extreme functional impairment or very high support needs.
SDA dwellings have accessible features to help residents live more independently and allow other supports to be delivered better or more safely.
The lack of available supply within the space is so extreme the government recently revealed more than 200 Victorians with disabilities were stuck in hospital for an average of 160 days after they were well enough to be discharged due to a lack of accommodation and care.
“The increase in enquiry, development and investment within the SDA space over the past 6-12 months has been substantial. This is only something we expect to increase as our team are fielding multiple calls weekly from either existing developers and investors within the space or those looking to learn more about it. Given the volume of supply required we expect there to be a shortfall in supply for a number of years into the future even with this new found interest in the sector.” Marcello Caspani-Muto said
Sandro Peluso added “There are some initial complexities associated with property investment in the sector along with lease structures and even the handling of GST in the SDA transactions our team have sold in the past 6 months. However, with greater market activity much of this will be smoothed out like we saw in healthcare assets nearly 10 years ago. Until then major opportunities remain within this market.
The projects being offered for lease are summarized below and are both forecast to attract close to $1,000,000 in annual rental each.
|Address||No. SDA Apartments||No. Carers Units|
|Level 1, 126 Main Street, Greensborough||14||2|
|Level 2, 15-29 Service Street, Sunshine||15||2|
Both properties are being offered for lease via expressions of interest.