Vacant Central Coast aged care home changes hands

Roshana Care, a WA-based aged care service provider, has acquired a vacant aged care home in Kincumber on the NSW Central Coast for $3.8 million.

CBRE’s Australian Healthcare and Social Infrastructure team of Marcello Caspani-Muto, Sandro Peluso and Jimmy Tat managed the sale of 1A Scaysbrook Drive via a competitive expressions of interest campaign with three aged care owner occupiers competing for the asset.

The 30-year-old asset is located at the centre of Keytones Brentwood Village and was last operated by Aurrum Aged Care in 2021.

“Demand for this service was never an issue as the Central Coast region is significantly undersupplied from an aged care facility perspective,” Mr Caspani-Muto said.

“Despite a brand new 150+ bed facility being constructed nearby, 1A Scaysbrook Drive will be a high-performing asset and accommodate up to 65 residents in generous sized rooms.”

Mr Peluso noted the final sale price of the property reflected a positive uplift from valuation for the vendor.

“The volume of vacant seniors living transactions is declining as a result of limited stock available and notably improved profits across the aged care industry which means many providers are opting to redevelop or renovate their assets. However, these factors are simultaneously driving greater interest from investors and better pricing outcomes than ever before as more buyers compete for less stock,” he added.