Bupa Donvale, 20km east of Melbourne’s CBD, which still cares for residents, is up for sale.
CBRE’s Australian Healthcare & Social Infrastructure team has announced it is marketing the property, which comprises a 115-bed aged care home and an adjoining 6,243 sqm parcel of land – a total area of 18,224 sqm.
The asset represents the largest Victorian aged care property to go to market in at least the last decade.
In June, Bupa told residents the Donvale home, an older home with shared rooms and limited facilities, would close and residents and staff will move to Bupa’s Templestowe home, which is a five minute drive away.
Bupa told The SOURCE that it leases the property and expects to vacate the site “in the coming weeks”.
The property is for sale through an expression-of-interest campaign, which will launch on Friday and closes on 6 September.
CBRE’s Sandro Peluso said demand for retirement village and residential aged care properties is strong. “The popularity of vacant retirement and aged care assets is comfortably at record levels.
CBRE, Director, Healthcare & Social Infrastructure, Australia, Sandro Peluso
Broader challenges with rising construction costs across the commercial and residential markets have acted as a catalyst for demand in this sector”.
The vendor is property investment company Region Amber, Australian Property Journal has reported.
The SOURCE: Vacant retirement village and aged care buildings are more valuable in the current economic climate due to higher construction costs.