This article is from the Australian Property Journal archive
LISTED Japara Healthcare has acquired a 5,407 sqm site at Newport in Melbourne’s south-west for $8.3 million.
Japara plans to develop the site into a 120-place aged care facility with an end value of circa $35 million.
CEO Andrew Sudholz said this is a significant investment into the Williamstown, Altona and Newport region that is currently underserviced by residential aged care.
“Upon completion, the new facility will complement our existing facility in nearby Yarraville and add to our expanding, diversified portfolio of premium aged care homes,” he added.
The latest acquisition will increase Japara’s portfolio to 15 development projects throughout Australia. The company is on track to deliver an additional 906 aged care places by the end of FY19.
Australian Property Journal
