A high-profile aged care and retirement living investment with 57 movable dwellings is for sale in the coastal town of Inverloch.
A 90-minute drive south-east of Melbourne’s CBD, Sunny Sands Residential Village is 2km from the beach and town centre and has been owned by the vendor since 1999.
The property at 32 Ullathornes Road is a Manufactured Housing Estate – 100% occupied with prefabricated single-level standalone villas designed to be moved – and is being marketed by CBRE’s Josh Twelftree, Marcello Caspani-Muto, Jimmy Tat and Sandro Peluso.
The agents expect the greatest interest to come from either retirement living operators or private investors, given the popularity of both the estate and businesses.
“With over 39% of the Inverloch population represented by elderly singles or couples, the location is ideally suited to retirement living and aged care – the ‘no vacancy’ status is evidence of this,” Mr Caspani-Muto said.
“Strong demand for retirement living and aged care services, both nationally and within the immediate location, is clear – with a further 14.5% increase in residents of retirement age in Inverloch forecast by 2036.”
Presently, the median age of residents in the Bass Coast municipality is 52 with the most over-represented group being 60-64 and Inverloch’s median house price has increased 37% since 2015.
Mr Tat added that any redevelopment of Sunny Sands would require existing dwellings be relocated – which is not common for operators in the highly popular and rapidly evolving MHE sector, however, would still be possible in the medium term.
“Aged care operators – like users in many other sectors, including industrial – often relocate to capitalise on the underlying land value of more centrally located owner-occupied sites.”
A 90-minute drive south-east of Melbourne’s CBD, Sunny Sands Residential Village is 2km from the beach and town centre and has been owned by the vendor since 1999.
The property at 32 Ullathornes Road is a Manufactured Housing Estate – 100% occupied with prefabricated single-level standalone villas designed to be moved – and is being marketed by CBRE’s Josh Twelftree, Marcello Caspani-Muto, Jimmy Tat and Sandro Peluso.
The agents expect the greatest interest to come from either retirement living operators or private investors, given the popularity of both the estate and businesses.
“With over 39% of the Inverloch population represented by elderly singles or couples, the location is ideally suited to retirement living and aged care – the ‘no vacancy’ status is evidence of this,” Mr Caspani-Muto said.
“Strong demand for retirement living and aged care services, both nationally and within the immediate location, is clear – with a further 14.5% increase in residents of retirement age in Inverloch forecast by 2036.”
Presently, the median age of residents in the Bass Coast municipality is 52 with the most over-represented group being 60-64 and Inverloch’s median house price has increased 37% since 2015.
Mr Tat added that any redevelopment of Sunny Sands would require existing dwellings be relocated – which is not common for operators in the highly popular and rapidly evolving MHE sector, however, would still be possible in the medium term.
“Aged care operators – like users in many other sectors, including industrial – often relocate to capitalise on the underlying land value of more centrally located owner-occupied sites.”
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
