New Gisborne Aged Care Home Sold for Circa $24,000,000

13 March 2023

 One of the country’s first going-concern aged care transactions of 2023 has occurred in the Victorian suburb of New Gisborne via CBRE’s Australian Healthcare & Social Infrastructure team of Marcello Caspani-Muto, Sandro Peluso and Jimmy Tat.

Warrina Aged Care, a highly reputable and recently extended home in New Gisborne has changed hands with all staff and residents having now been informed of the change in ownership. The home is co-located with a boutique retirement village and features 79 beds (all single rooms with ensuites).

First operational in 2005 as an SRS facility, the home was initially fully refurbished and converted into a registered Aged Care home. In 2020 a 33-bed extension inclusive of new communal areas and reception was complete with the existing 46 bed wing refurbished once again creating a consistent feeling across the home.

Marcello Caspani-Muto said “Despite the consistent media attention toward the sector and on-going commentary surrounding the profitability of the industry as a whole this transaction has set a positive early tone for transactional activity”

“Our team expect to see acquisition volume over the course of the year surpassing that of 2022. However, contrary to many beliefs, purchase activity will not be limited to large scale institutional and non-profit providers. We are having consistent discussions with new entrants and boutique providers who are committed to the sector and are wanting to focus on building scale into the future. Despite current headwinds in the industry a number of existing and incoming operators are taking a long-term view with expectations of improved government funding as many see no alternative.”

Jimmy Tat said “The outcome achieved for the home is a strong one considering the commentary received by many during the campaign surrounding it’s “regional” location and the associated challenges with finding suitable staff in the area.

In reality, Warrina Aged Care is a high quality and modern aged care home that offers the best level of aged care and retirement living within the New Gisborne area and it’s surrounds by a substantial margin. The incoming operator (Maiestas Care Pty ltd) and it’s directors have a lengthy and successful track record in the industry and are committed to maintain or exceeding this level of care at the home.

Warrina Aged Care was sold via an Expressions of Interest Process with multiple offers received. The agents are unable to comment on any more specific metrics at this time due to business sensitivities.