Adelaide, 31 March 2015 – A unique residential care property in the heart of the eastern suburbs has been listed for sale, offering an opportunity for both residential care based users or residential developers to acquire an opportunity in a tightly held location.
Located at 39 Myall Avenue in Kensington Gardens, the 1,382sqm property has operated as the Carmel Court Rest Home for several years, but is now to be sold with vacant possession.
CBRE’s Harry Einarson and Ben Heritage have been appointed to sell the property via an Expression of Interest campaign.
Mr Einarson said the opportunity to gain a foothold in one of Adelaide’s most tightly held locations was likely to attract strong buyer interest.
“This property represents an outstanding opportunity for either a Supported Residential Facility or a boarding house type user to acquire a site in the eastern suburbs,” Mr Einarson said.
“We are anticipating strong interest in this offering given the location and its existing infrastructure, and how tightly held these residential care based facilities are.”
Mr Heritage said the property also offered significant development opportunities.
“We see there being a substantial opportunity for either a short or long term residential development (stca) to maximise the significant Kensington Gardens land parcel,” Mr Heritage said.
The former Carmel Court Rest Home was one of only three Supported Residential Facilities approved by the Supported Residential Facilities Association in the eastern suburbs and sits in close proximity to both The Parade and the Adelaide CBD.
Expressions of Interest close April 16 at 4pm.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
