Vacant Melbourne aged care home for sale

Melbourne-based property investment company Region Amber has listed a vacant aged care home in Donvale for sale, with a price expectation of circa $14 million.

Located at 296-302 Springvale Road, the 18,224sqm site comprises a 6,600sqm two-storey facility with 115 beds. The aged care home was operated by Bupa until July 2022.

CBRE’s Marcello Caspani-Muto, Sandro Peluso and Jimmy Tat are managing the sale via an Expression of Interest campaign closing September 6, 2023.

“Nationally the volume of vacant seniors living and healthcare assets continues to climb. In 2022, we saw record volumes of transactional activity and we are on-track to surpass this in 2023.”

“Our team have witnessed continued strong activity across the Victorian market and heightened levels of opportunity across the Queensland metropolitan markets, we are now beginning to see a flow-on effect across NSW.”

“Due to the land space, future investors or occupiershave the opportunity to expand and value add with alternative uses such as retirement living, healthcare, NDIS or accommodation.”

Mr Peluso added, “The popularity of vacant retirement and aged care assets is comfortably at record levels. Broader challenges with rising construction costs across the commercial and residential markets have acted as a catalyst for demand in this sector which is very well documented.”

“With development risk and construction costs at an all-time high, securing large landholdings with significant existing improvements is highly compelling for operators and investors.”