A former aged care home in the Melbourne suburb of Epping has found a new life as a school building.
Until recently, the home was operated by Victorian private provider Homestyle Aged Care. However, the buildings were old and no longer fit for purpose, so specialist aged care business and real estate agency, Amicum, worked with Homestyle on an exit strategy.
Amicum negotiated the sale of the business to Oxa Care, and residents and staff moved to a new state-of-the-art aged care facility in High Street, Epping.
Homestyle CEO, Tim Humphries, said, ‘It was an excellent outcome for residents and the Homestyle team to remain in Epping, moving together to one whole floor in Oxa Care’s new facility.
“It gave the Board at Homestyle comfort knowing residents would continue to receive great care from familiar faces, and at the same time safeguarded the jobs of the Homestyle team.”
Amicum then worked with commercial real estate agency, Melbourne Acquisitions, to sell the site at 15 Coulstock Steet Epping with vacant possession through a competitive EOI process, which attracted interest from aged care operators, social housing groups, education providers, hotel operators, local developers, and private investors.
St Monica’s College acquired the site for $6,340,000, a land rate of $1,565/sqm and room rate $115,272.
The property, which sits on 4,049 square metres of land, attracted interest due to the existing improvements, property zoning and its location close to schools, public transport, and retail outlets.
Principal Brian Hanley said, “St Monica’s are delighted to have purchased the property and look forward to many years of using the resources for students and staff use and are excited to incorporate the heritage listed bluestone building, which was the original Catholic Primary School in 1871, into St Monica’s identity.”
