Savills List Vacant Aged Care Home in Melbourneโ€™s South East

A Longstanding Aged care facility at 521-523 Princes Highway, Noble Park is being divested with leading commercial agency Savills facilitating the sale.

The 60 bed facility, sitting on 4,456sqm of land, is prominently located on the Princes Highway and has serviced the South-Eastern Community since the 1970โ€™s, having undergone several renovations since.

The Savills team of Julian Heatherich, James Latos & Benson Zhou have had significant success transacting like properties with the team having sold 10 aged care facilities since 2020.

Julian Heatherich, State Director โ€“ CBD and Metropolitan Sales at Savills said, โ€œThe Savills team is delighted to be selling this property on behalf of our valued clients the Royal Freemasons.โ€

With regard to the property Mr Heatherich noted, โ€œDespite softening market conditions, the life sciences sector and Residential Aged Care (RAC) Facilities specifically have proven to be resilient assets owing to their versatility and ability to be leased or occupied by essential services.

โ€œAs a result, we anticipate that this property will generate significant interest, as evidenced by enquiries we have already received from interstate and off-shore groups.โ€

Associate Director, CBD and Metropolitan Sales at Savills, James Latos continued, โ€œDue to a notable increase in transaction volumes for vacant RAC facilities, the market has become increasingly aware of the compelling value proposition they offer. As a result, we are consistently engaged with new investors and occupiers who are entering the market seeking similar properties.

โ€œThis facility in particular, boasts a range of attractive features, including a well-maintained premises, spacious hallways, and ensuites for each room, making it well-suited for a variety of uses,โ€ Mr Latos concluded.

Director & Head of Asia Markets at Savills, Benson Zhou stated: โ€œOff-shore investment activity has experienced a resurgence in 2023 and with the opening of international borders there is a renewed appetite for commercial investments. Our team are currently in contact with a number of groups with particular interest in specialised community care based facilities.โ€

The campaign is expected to attract strong interest from a range of buyer profiles who will be drawn to the propertyโ€™s substantial land component and ability to be converted to a range of residential uses including Aged Care, NDIS, disability, crisis and social housing. The subject property will be sold via an Expressions of Interest Campaign closing Wednesday 24 May at 2pm.

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