This article is from the Australian Property Journal archive
AN aged care home in the Victorian suburb of New Gisborne has changed hands.
Warrina Aged Care is the subject of one of Australia’s first going-concern aged care transactions of the year. The incoming operator is Maiestas Care Pty ltd.
It has been operational since 2005 when it was initially used as a supported living service before its transformation into a registered Aged Care home.
Warrina is a high quality and modern aged care home, offering the best level of aged care and retirement living in the New Gisborne area and its surrounds by some margin.
A 33-bed extension with new communal areas and reception expanded the site in 2020 while the already-existing 46 bed wing was refurbished to bring some consistency across the home.
Marcello Caspani-Muto of CBRE’s Australian Healthcare and Social Infrastructure team predicts a better year in transaction volume than 2022.
“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 expects 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.”
Caspani-Muto was accompanied by Sandro Peluso and Jimmy Tat in the sales process for this acquisition.
Tat echoes his colleague’s comments how the sale defied recent commentary of the aged-care sector.
“The outcome achieved for the home is a strong one considering the commentary received by many during the campaign surrounding its “regional” location and the associated challenges with finding suitable staff in the area.
Warrina Aged Care was sold via an Expressions of Interest campaign after multiple offers were submitted.
