Melton aged care facility to be auctioned online
A Melbourne nursing home with an estimated $8 million price tag is set to go under the hammer in a live online auction later this year.
Investors from across the world are expected to join the online bidding for the 5157sqm site at 116-156 Centenary Ave in Melton.
The site is tenanted by private operator Willowbrae Residential Aged Care since 1988, with a 60-bed facility on the land and a passing annual income of $528,295.
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CBRE’s specialist healthcare agent Sandro Peluso says he expects the opportunity to generate strong interest, given the area’s population growth and the scarcity of freehold aged care assets on the market.
Peluso says 98% of aged care properties are owner-operated, making the Melton facility a very rare opportunity for investors.
“This property shares a number of attributes with traditional healthcare offerings and is underpinned by the same positive demographics,” he says.
“Most notably, the country’s growing and ageing population – reflected in Melton’s forecast population growth of 194% by 2051.
The property is being put up for sale by current stakeholders which include Mario Abbotto of Verraty Pty Ltd – owner of the Richmond Football Club’s Wantirna complex – and property development company Lucky Tzirkas of De Nova Group.
CBRE’s Josh Twelftree says Willowbrae has a quality reputation promising strong income security for buyers.
“Featuring superior design and construction and a floor plan that is reflective of the country’s newest and highest quality aged care facilities, the facility is positioned for long-term success,” Twelftree says.
The property will be sold via an exclusive boardroom auction with live online bidding, enabling investors to participate in the auction from anywhere in the world, on Thursday, 5 September, from 2pm AEST.
It follows the success of CBRE’s inaugural use of live stream bidding to sell 26-28 Chesterville Road, Cheltenham, which transacted for $5.52 million on a yield of around 5%.