BlueCross Northcote site hit hard by Covid-19 sold for almost $11m

14-24 Pearl St, Northcote - for herald sun real estate

14-24 Pearl St, Northcote, has sold for almost $11m.

A highly-regarded Northcote aged-care home has been sold for almost $11m after closing its doors earlier this year.

The 75-bed home was one of several Victorian aged-care centres hit hard by the state’s Covid-19 second wave, with 132 infections recorded and 12 residents losing their life to the virus last year.

But an investor has paid what amounts to almost $145,000 a bed for the former BlueCross Ruckers Hill facility at 14-24 Pearl St and is understood to be approaching healthcare operators to reopen its doors in some way.

RELATED: BlueCross Ruckers Hill: Northcote aged-care home for sale

Bob Murphy: ex-Bulldogs captain sells Northcote home to move to WA

Northcote dump with bathroom in kitchen gets unexpected $1.631m result

In a statement to the Herald Sun in March, BlueCross said the decision to close the facility had not been taken lightly.

“The closure of the residence is part of BlueCross’ strategic plan to consolidate its service offerings to enable the company to provide the best possible care for residents into the future,’’ it said.

“In making the decision, several key factors were taken into consideration including the residence’s current building design, potential for redevelopment, occupancy level, as well as demand for places, growth potential in the area and the recommendations from the royal commission.”

CBRE agent Marcello Caspani-Muto said the sale added to “the list of vacant aged-care homes that have changed hands in the past 18 months”.

14-24 Pearl St, Northcote - for herald sun real estate

The 14-24 Pearl St, Northcote, spans almost 3000sq m.

Despite this Mr Caspani-Muto said the property’s prospects would only improve with time.

“Aged-care construction costs are substantial, which creates an incredibly high barrier for developers and investors to enter the sector and means new projects are rarely feasible,” he said.

The address is close to High St shops and eateries as well as public transport, but its 2895sq m size and 69m street frontage also appealed with the potential for future development.

A total of 10 offers were made for the project, with three invited into further negotiation before a deal was signed.

Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.

MORE: Geelong house and land packages could hit $1m as land supply runs low

Are you an apartment or house dweller? Big Brother-inspired quiz

Sunbury house price record: Wealthy family converges on ‘Toorak end’