Renovated former aged care home back on the market

After undergoing significant renovations, a vacant aged care facility in Preston has been listed for sale by the private investors who bought the property in 2022.

Located at 547 Bell Street, the property features 40 deluxe suites with multiple kitchen and dining areas as well as communal spaces including a gymnasium. It is fully certified for NDIS use in the High Physical Support category.

CBRE’s Australian Healthcare and Social Infrastructure team of Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat, who oversaw the previous sale of the asset in June 2022, are managing this sale via an Expressions of Interest Campaign.

Mr Caspani-Muto said, “Given the lack of new build stock in market, well-documented construction cost headwinds, and the quality of the works completed at this property we expect good interest from a wide array of prospective buyers including investors and occupiers. However, demand will not be limited to just those in aged care or seniors living as the building would be suitable for an NDIS (MTA or SDA) service provider, short stay accommodation, or rehabilitation hospital conversion with very minimal work required.”

Mr Peluso added, “The property is ideally positioned with main road frontage and dual access points. We are seeing an increasing appetite for vacant seniors living real estate and with the high-quality renovations carried out on this property we are expecting it to attract a wide range of interest.”

The Expressions of Interest closes on Thursday December 5, 2024.