This article is from the Australian Property Journal archive
A VACANT Donvale aged care home in Melbourne’s east has been snapped up by an international investor for $12 million, who plans to refurbish and reopen the facility.
Located at 296-302 Springvale Road, around 20km east of the Melbourne CBD, the 18,224sqm site comprises a 6,600sqm two-storey facility with 115 beds.
Marcello Caspani-Muto, Sandro Peluso and Jimmy Tat from CBRE managed the sale of the facility on behalf of Melbourne-based property investment company, Region Amber.
“Until recently, Chinese groups have focused primarily on development or retail investment assets, however that interest is now widening to include aged care, health and childcare assets,” said Tat.
“This aligns with rapid growth in China’s middle class. Historically China’s consumption has centered on essential items such as food, beverage, clothing and footwear, but the rise of the country’s middle class is shifting the focus to lifestyle and health, where higher levels of spending are expected in addition to increased demand for health-related goods.”
The aged care home was operated by Bupa until July 2022.
“Nationally the volume of vacant seniors living and healthcare assets continues to climb. We saw record volumes of transactional activity in 2022 and we are on track to surpass that again in 2023,” added Caspani-Muto.
“Our team has witnessed continually strong activity across the Victorian market with heightened levels of opportunity across the Queensland metropolitan markets, we are also now beginning to see a flow-on effect across New South Wales.”
Back in March, an international owner occupier paid $12,588,888 for a vacant aged care home in Melbourne’s eastern suburb of Burwood.
