Aged care company on-sells Geelong site with approval for 122 beds
A Highton site of an approved 122-bed, three-storey aged care facility is on the market.
Aged care provider Japara Healthcare is selling the massive Roslyn Rd property 12 months after it obtained City of Greater Geelong approval on a planning permit for the development.
The expressions of interest campaign launched this week is targeting both aged care providers to activate the plans and buyers that might consider alternative development options for the site, including townhouses or apartments.
Knight Frank, Melbourne director developer site sales Ed Wright says the agents are acting on behalf of the publicly listed health care provider to sell the 8244sq m property at 297-307 Roslyn Rd.
“They’ve since decided that they are focusing some of their capital on some of their interstate facilities as they’ve got a pretty full pipeline in Victoria,” Wright says.
“This was a good one to take to market given there’s a lot of interest in Geelong and Highton at the moment from Melbourne developers,” he says.
“This could attract townhouse developers as well, so it doesn’t necessarily have to use the aged care permit.
“Someone could buy it and deliver this aged care facility straight away.
“Given the location and the size someone might decide to go for a new planning permit and go more residential.”
Wright says price expectations are between $4.3 million and $4.5 million.
“Inquiry has been really strong,” he says.
“There’s a lot of interest from Geelong developers as well as interstate aged care operators and your pure Melbourne townhouse developers.”
The high profile location, 600m from the Highton shopping precinct, has an 82m frontage on Roslyn Rd.
The General Residential Zone, Schedule 2 zoning allows for multiple residential development options, subject to council approval.
It also has rear boundary to Remony Ave, although the aged care facility permits pedestrian and emergency vehicle access at this point only.
The approved development, designed by Crosier Scott Architects, provides nearly 8500sqm of floor space over three storeys, plus roof gardens, with 122 bedrooms and car parking for 41 vehicles, plus 25 bicycles.
The permit also stipulates the retention of a number of trees on the site.
The accommodation includes a mix of standard, deluxe and premium bedrooms.
A council planning panel rejected initial plans for a 136-bed facility in August, 2018, before the application was approved in February, 2019.
The property last sold for $3.5 million in 2016, CoreLogic records show.
Expressions of interest close March 19 at 3pm.
This article from The Geelong Advertiser originally appeared as “Japara Healthcare selling Highton site with approved plans for 122-bed aged care facility”.