baptcare preston
The asset in Preston. Image supplied.
  • Baptcare is one of the largest non-profit providers of supported accommodation in Victoria
  • The 2,637 sqm site occupies a corner landholding
  • Follows several vacant sales of similar assets this year already

Baptcare, one of Victoria’s largest non-profit providers of supported accommodation, has listed its former facility in Preston for sale.

Located at 547-567 Bell Street, the 2,637 sqm site occupies a corner landholding nine kilometres north of the Melbourne CBD, with additional access via Scotia Street and a rear laneway.

The two-level 1,850 sqm building features 48 rooms with ensuites, communal areas and sperate offices, offering flexibility for incoming users.

Jimmy Tat, Marcello Caspani-Muto and Sandro Peluso of CBRE are managing the expression of interest sales campaign, with submission closing late next month.

“The size and scope of the existing improvements are substantial and Baptcare has maintained the premises to a high standard,” Mr Caspani-Muto said.

“We are expecting significant interest in the property, given its postcode and the strong competition we’ve witnessed for similar assets this year.”

Accommodation facilities in demand

The listing represents the fourth vacant support accommodation facility that CBRE has taken to the market so far this year, with the sector reaching record levels.

An asset in Mount Eliza sold for $11 million this year, equating to $183,000 per bed. Other sales include Windsor ($9.75 million, $162,000/bed) and Springvale South ($5.5m, $131,000/bed).

“Vacant, supported/residential accommodation is beginning to radically increase in popularity, especially compared with 24 months ago, due to factors including rising construction costs,” Mr Peluso added.

“Additional users are now starting to appreciate the conversion potential of these buildings, not just for supported accommodation but also healthcare, aged care and NDIS users.

“The cost of refurbishment and extension of these existing homes is dramatically less than new developments.”

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