A landmark Aged Care home in Windsor is poised to become the first investment opportunity within it’s asset class for 2022.
The property is being marketed by CBRE’s Australian Healthcare & Social Infrastructure team comprising Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat. The agency group are leaders within the vacant possession and going concern Aged Care space having sold 4 homes in 2021 in excess of $5,000,000.
241 Dandenong Road, Windsor was last occupied by Estia Health and comprises 61 rooms all of which are single with ensuites. The listing comes after the team transacted a 75 bed facility in Northcote in October of 2021 for circa $11,000,000 – the largest vacant possession Aged Care sale of the year.
The subject property features a building area of 2,296sqm spread across three levels with CBD views while being zoned Residential Growth allowing for significant long-term development potential.
Sandro Peluso said “Aged care construction costs are substantial, which creates an incredibly high barrier for developers and investors to enter the sector and means new projects are rarely feasible.
“We are expecting investor and owner occupier groups to recognize the full value of the location and it’s subsequent underlying value. So rare are sales of this scale in the Stonington postcode that comparable’s of this size in the past half-decade are non-existent.
Marcello Caspani-Muto said “Vacant Aged Care homes have long had their improvement values underappreciated. However over the past 18 months with increased education and greater transaction volumes this is beginning to change.
Depending on the age, quality and maintenance history, there are often opportunities for investors or owner occupiers to secure these homes at below-replacement cost for existing use of healthcare related conversions.”
241 Dandenong Road, Windsor is being offered For Sale via Expressions of Interest Closing on February 24th at 2pm (AEST)