Caulfield Manor aged care facility sells for $3.68m

​Melbourne, 10 December 2013 – A private Melbourne buyer has acquired the Caulfield Manor aged care facility for $3.68 million.

Located at 1019 Glen Huntly Road in Caulfield, the double-storey building currently operates as a 31-bed facility catering for low care residents. The property, which is underpinned by an expansive land holding of 1,156sqm, is 100% leased at an annual rental of $345,248 per annum. 

CBRE’s Jamus Campbell, who negotiated the sale on behalf of a private vendor in conjunction with fellow agent Josh Rutman, said the property’s strong tenancy covenant was a key selling factor. 

“Although there were a few factors to work around, the opportunity to acquire a securely leased asset in one of Melbourne’s most sought after precincts was a key draw card,” Mr Campbell said.

“With the proposed changes to the aged care sector over the next 12 months, I believe we will be seeing a number of federally funded aged care facilities and Supported Residential Services (SRS) coming to the market.”

Caulfield Manor, which is leased to Capwood Pty Ltd for a further five years with two 10-year options, specialises in providing a wide range of services to senior citizens who require assistance with their daily living. Residents pay a monthly rental that includes hotel style serviced accommodation, nutritious and balanced meals, serviced rooms including personal laundry and all personal care services by a qualified and trained team on-call twenty four hours a day.

Mr Rutman said Australia’s rapidly changing age profile would impact on all facets of the aged care industry over the short, medium and long term.

“Australia’s aged care system will come under increasing pressure as a result of the ageing population and growing care demands among older people. It is anticipated that the increase in Australia’s ageing population will place further demand for low care services from aged care facilities such as Caulfield Manor,” Mr Rutman said.