Image: Supplied.
  • Comprises a retirement village and vacant land
  • Spread over 5.55 hectares and located close to major hospitals
  • Acquired by HN Asset from Regis Healthcare

Two neighbouring properties have been acquired for $53 million.

Located at 118 Monash Avenue and 15 Karella Street in Nedlands, the combined 5.55 hectare site is situated close to Sir Charles Gairdner Hospital, Hollywood Private Hospital, Perth Children’s Hospital and Kings Park.

The sale comprises a retirement village and neighbouring vacant land, and was been purchased by Western Australian property developer HN Asset Pty Ltd, an entity within the Hesperia Group, from Regis Healthcare.

“I am pleased to announce the sale of the Hollywood Village and neighbouring development site to Hesperia, a leading WA property developer,” said Regis’ CEO Dr Linda Mellors.

“This transaction delivers on our strategy to release capital from non-income producing assets to reinvest into higher returning core business opportunities. Hesperia is well positioned to realise the potential of this significant site in the western suburbs of Perth.”

Hesperia Directors Kyle Jeavons and Rowan Clarke have led the transaction for Hesperia.

“We will continue to operate the village for existing residents while we consult on and design a master-planned precinct for this substantial inner city land area adjacent to important medical facilities and surrounded by an established residential area,” said Clarke.

Retirement village with room to spare

The retirement village at 118 Monash Avenue consists of an existing retirement village complex with 80 independent living units, known as the Hollywood Village, on a 17,298 square metre parcel of land. The vacant site is 38,235 square metres and has development approval with a scheme for a further 327 independent living units.

“The sale of the properties is testament to the demand from tier one developers to acquire substantial land parcels co-located or in close proximity to established medical precincts for the construction of integrated healthcare developments,” said Knight Frank‘s Sam Biggins, who with Tony Delich and Cory Dell-Olio negotiated the sale.

“The site and improvements encompass a sizeable 5.55-hectare footprint, offering buyers an exceptional opportunity to acquire one of the largest amalgamated sites in the tightly-held western suburbs of Perth.

“The redevelopment potential on the vacant site benefits from a current DA for 327 Independent Living Units, potentially accommodating our ageing populace or providing a building envelope for an alternative scheme, subject to approvals.”

The property is located within the prestigious western suburbs and has easy access to premium amenities.

“In addition to healthcare services and medical facilities, the offering is close to shopping centres, the University of Western Australia and Kings Park,” said Delich.

“The properties have excellent connectivity to major road links, bus routes and the Karrakatta Train Station is just one kilometre west of the property, with pedestrian and cycle paths, plus the Swan River foreshore being nearby.”

You May Also Like

Australia’s return to office continues to shine as the US stagnates at 50 per cent of pre-Covid levels

The Australian office market records improved office occupancy while the United States lags behind on the return to office.

Work from home is here to stay, and Australia’s secondary offices are at a turning point

Secondary office assets face challenges with poor uptake and declining values, especially in B and C-grade properties.

Why Australia needs more industrial assets to boost productivity and growth

A new report reveals that Australia’s industrial assets handle over $1.2 trillion worth of products annually.

Sydney’s retail sector continues to improve, with one area boasting zero vacancy

Vacancy rates for Sydney’s prime retail core have dropped to 8.3%, with the one area recording vacancy rates of zero.