This article is from the Australian Property Journal archive
A WRAP up of social infrastructure, development site and commercial property investment opportunities across Australia.
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Social Infrastructure
Preston, VIC
After undergoing major renovations, a vacant aged care facility in Melbourne’s northern suburb of Preston has been listed for sale by the private investors who bought the property in 2022.
Located at 547 Bell Street, the property features 40 deluxe suites with multiple kitchen and dining areas as well as communal spaces including a gymnasium. It is fully certified for NDIS use in the High Physical Support category.
CBRE’s Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat, who oversaw the previous sale of the asset in June 2022, are managing this sale via an expressions of interest campaign, closing Thursday, December 5th.
“Given the lack of new build stock in market, well-documented construction cost headwinds, and the quality of the works completed at this property we expect good interest from a wide array of prospective buyers including investors and occupiers,” Caspani-Muto said, adding that demand will not be limited to just those in aged care or seniors living as the building would be suitable for an NDIS (MTA or SDA) service provider, short stay accommodation, or rehabilitation hospital conversion with very minimal work required.
Peluso noted the property is ideally positioned with main road frontage and dual access points.
Development & Land
Fitzroy North, VIC
Closer to the CBD, Haven Home Safe (HHS)’s partially constructed development of 22 specialist disability accommodation (SDA) units in Fitzroy North is on the market, after construction costs proved too overbearing for the project to reach completion.
Construction has reached the lock-up stage at 261 Glenlyon Road, which is for sale through through Colliers’ Robert Papaleo, Philip Heberlin and Aaron Choong, who are expecting in excess of $5.5 million.
The site has been owned by HHS since 2009 as 30 one bedroom apartments. In 2018, redevelopment of this asset commenced to provide 22 SDA apartments for people living with a profound disability. Redevelopment of the site stalled in 2020 when the appointed builder went into liquidation.
“This site provides developers, investors, and SDA operators with certainty. There is an opportunity to fulfil the permit and deliver the SDA apartments. Buyers could also take an alternative route and look to a range of other boutique residential uses,” said Philip Heberlin of Colliers.
Expressions of Interest close Tuesday, 26th November.
