The private aged care operator, which has 17 aged care homes across South Australia, Queensland and New South Wales, has bought its first Victorian aged care home with the purchase of a vacant facility in Windsor, 5km southeast of Melbourne's city centre, for $11.75 million.
“Our new 60-bed Infinite Care Prahran home at Windsor is expected to open in mid-2025 and will complement our new 177 bed home at Knoxfield which is due to open in late-2025," said Infinite Care's founder and joint Managing Director, Tony Partridge.
The purchase price of the former aged care facility, which is located at 241 Dandenong Road, is a 16% premium to the property's last sale, which was in 2022. The home was previously operated by Estia Health.
Selling agent, CBRE’s Australian Healthcare and Social Infrastructure team member Jimmy Tat, said the property was one of the highest-quality vacant offerings in the aged care sector in recent years.
“We have seen a positive trajectory of growth across the aged care sector over the past 12 months,” he said.
“The market is experiencing a strong average occupancy of more than 90%, which is giving aged care and seniors living providers the confidence to plan for expansion or upgrades.
"This drive for growth is also attracting international investors who have been waiting for the right opportunity to enter the market.”
A spokesperson for Infinite Care told The Weekly SOURCE, "We will continue to look for additional acquisition opportunities into the future."
Infinite Care announced in February this year that it would enter the Victoria market with a six-storey, 177-bed aged care home at Knoxfield, 27km east of Melbourne's CBD, but with that build coming with a $70 million price tag, this latest acquisition is a cheaper and faster way in.
