This article is from the Australian Property Journal archive
JEWISH Care Victoria is looking to offload the former Mark & Dina Munzer Community Residential Aged Care facility in Melbourne’s Caulfield North, one of the popular area’s biggest landholdings to come to the market for some time.
The 52-58 Northcote Avenue property is on a 3,683 sqm site and has been vacant since the facility closed last year in March.
Gary Peer & Associate’s Phillip Kingston, Rafi Joffe and Todd Schulberg, along with CBRE’s Josh Rutman, Mark Wizel and Julian White are marketing the property via expressions of interest closing September 6.
The property is expected to attract the attention of local and overseas developers, aged care operators and not-for-profit and charitable organisations looking to establish new headquarters.
Jewish Care Victoria chief executive officer, Bill Appleby said the property did not align with the organisation’s recently released Strategic Plan, outlines its key strategic priorities for 2018 to 2020.
“Following comprehensive analysis, we have determined that the property is surplus to both the short and long-term needs of Jewish Care Victoria, and selling the property is the most prudent course of action,” he said.
Kingston said the property is more than double the size of any landholding in street, and “more than 1,000sqm bigger than anything we have handled in the Caulfield precinct over the last five years”.
The property is close to the Caulfield Racecourse precinct, which is undergoing a $1 billion development that will deliver more than 1,500 apartments, retail, restaurants and lifestyle facilities.
The property is being offered with 45 beds, commercial kitchens and formal living and dining areas.
“The property’s significant existing improvements offer a turn-key solution to established residential aged care providers looking to expand their footprint in one of the most tightly held communities,” he said.
CBRE has also just brought the former aged care facility site at Camberwell Manor in Melbourne’s popular inner-east to the market.
Offered for sale for the first time in more than 20 years, the vacant 2,025 sqm corner property at 603-605 Riversdale Road has been used as an aged care facility since 1995 and is licensed for 34 supported residential services beds.
Previous utilised as a hospital, the building was renovated and repurposed for use as an aged care facility, and features a commercial kitchen and formal living and dining areas.
Australian Property Journal
