- An overseas buyer has acquired a vacant Burwood aged care home
- A Melbourne Airport property has been leased to Linfox
- QLS has leased a logistics property in Keysborough
A Victorian aged care facility has been sold for a record amount, some $1.6 million above recent sales, and leasing in the industrial and logistics sector continues strongly.
Burwood property sold for almost $13M
An international owner has acquired a vacant Burwood aged care home along 8-18 Edward Street for $12,588,888.
The 5,614 square metre landholding was previously operating as Trinity Aged Care with 45 beds and two adjoining residential properties. CBRE said the sale price represents a rate of $280,000 per bed.
CBRE’s Australian Healthcare and Social Infrastructure team of Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat brokered the deal.
“International investment activity is once again surging across Australia, despite commentary surrounding funding challenges,” Mr Tat said.
“Since China’s borders re-opened, we have seen high demand for larger commercial investments, with our team handling a number of highly liquid Asian investment mandates.”
The Burwood aged care facility has an existing Development Approval for a new 110 bed aged care facility; however, the international buyer plans to utilise the existing improvements for a supported residential services facility focusing on NDIS participants.
Mr Caspani Muto added, “The transaction was made slightly more complex by the inclusion and transfer of the existing aged care company via a share sale arrangement. As the company was an approved provider and held 45 active bed licenses, this added an additional value to the property.”
Some of CBRE’s latest vacant aged care sales include a range of properties from the mid-$5 million’s to above $10 million.
| Address | Sold Price | $ Rate per bed |
| 2 Mount Eliza Way & 1 St Johns Lane, Mount Eliza (VIC) | $11,000,000 | $183,333 |
| 14-24 Pearl Street, Northcote (VIC) | $10,700,000 | $142,666 |
| 279 Bridge Street, Toowoomba (QLD) | $10,620,000 | $183,103 |
| 241 Dandenong Road, Windsor (VIC) | $9,750,000 | $162,500 |
| 51 Norman Parade, Windsor (QLD) | $9,400,000 | $241,250 |
| 547-567 Bell Street, Preston (VIC) | $5,550,000 | $115,625 |
| 470-476 Springvale Road, Springvale South (VIC) | $5,500,000 | $130,952 |
Source: CBRE.
Logistics demand continues unabated
Frasers Property Industrial has recently announced leasing deals across Victoria, with over 60,000 square metres leased across the state to major logistics players.
At Melbourne Airport, the company leased 38-52 Sky Road East to Asia Pacific logistics giant, Linfox.
The deal will see Linfox utilise the 46,231 square metre site, previously under lease by Unilever, to support its business operations delivering food, resources, and medicine across road and rail. The lease will commence from June 2023 for a five year term.
Fraser also leased a 17,878 square metre facility to warehousing and logistics company, QLS, at 7 Pacific Drive and 170-172 Atlantic Drive in Keysborough.
The facility will support QLS in effectively delivering brown and white goods to customers across Australia. The warehousing and logistics company said it will also use the facility to run its recycling business, ‘Ecycle solutions’, which collects all associated goods waste, recycles it, and reuses the materials for everyday household products.
Ian Barter, Managing Director Australia at Frasers Property Industrial said: “As demand for high-quality facilities in key Victorian … corridors continues, our strong customer service and premium offering are highly sort after by both existing and new customers.
“Our industrial assets in strategic locations have been crucial to our ability to secure deals with major national brands and long-term customers. We continue to have strong leasing activity and our portfolio continues to be 100% occupied”.
