This article is from the Australian Property Journal archive
JAPARA Healthcare has paid $3.35 million for a greenfield development site at Glen Waverley in Melbourne's south-east.
Japara Healthcare is proposing to develop 65 new aged care places on the 2,800 sqm site on Highbury Rd Glen Waverley.
The development will be funded by a combination of cash reserves and existing debt facilities and is expected to be completed within three years.
“In line with Japara Healthcare’s expansion strategy, we are pleased to announce a further greenfield acquisition since our listing in April. This adds to Japara Healthcare’s existing pipeline of development projects which now has over 690 beds either under construction or planned for construction,” Japara Healthcare CEO Andrew Sudholz said.
“With 70,000 additional places estimated to be required to meet future demand, the acquisition of prime metropolitan sites, alongside the development of brownfield projects and selective, strategic acquisitions, are central to our strategy to provide high quality facilities and care for residents, and sustainable growth in business value for our shareholders,” Sudholz said.
Australian Property Journal
