This article is from the Australian Property Journal archive
MORE than $25 million is expected for a portfolio of brand new specialist disability accommodation assets in Queensland and Victoria.
SDA is housing designed for National Disability Insurance Scheme (NDIS) participants with extreme functional impairment or very high support needs, with accessible features to help residents live more independently.
The portfolio offering consists of 45 beds in one- and two-bedroom SDA apartments, all leased to disability and aged care provider Zenitas Healthcare on 10-year leases.
The terms include options running through to 2052 and annual increases to the total net annual income of over $1.41 million.
In south-east Queensland, two properties apiece in Beaudesert and Caboolture and one in Leichhardt were completed in 2021, while sites in Victoria’s Traralgon and Morwell are due for completion in April.
Site areas span from 716 sqm to 3,774 sqm, each property in the Zenitas portfolio also features car parking, dedicated space and facilities for a carer, separate terraces for each apartment and air conditioning.
CBRE’s Michael Hedger, Sandro Peluso, Marcello Caspani-Muto, Sebastian Fahey and Josh Scapolan are managing the sale campaign on behalf of Robinson Projects, with Expressions of Interest invited before March 31.
“This is a rare opportunity to acquire an asset portfolio in a sector underpinned by long-term government support,” Hedger said.
“These are high-quality developments, fully-leased to an industry leader and strategically located in high-growth locations, near hospitals and medical facilities.”
Peluso said the assets offer what’s “incredibly close to a true triple-net-lease scenario”, due to their land-tax-exempt status and tenants paying all outgoings.
More than $5 billion in capital is required to be invested in the sector over the coming five years to create new SDA stock, according to the NDIS. The total SDA market is ultimately expected to be worth between $10 billion and $12 billion.
An estimated circa 6% of NDIS participants will have SDA in their plans when the scheme reaches maturity – around 28,000 participants.
Zenitas Healthcare has a workforce of nearly 5,000 specialists across Australia and generated more than $250 million in revenue in the 2021 financial year. The company was established in 2016 and expanded through a series of acquisitions until its purchase in 2018 by Guardian Alphabet, which in turn is owned by Adamantern Capital Management and Liverpool Partners.
