AGED CARE GIANT BUYS BRIGHTON SITE
Posted on 28 February 2025
Arcare has snapped up Brighton's former Epworth Rehabilitation Hospital and three adjoining residential lots, with plans for an aged care facility.
Following an off-market deal late last year, the Knowles family owned group is speculated to be paying just over $20 million for the 5973 square metre amalgamation covering 85 - 93 Wilson Street and 10 - 14 Alverna Grove, overlooking William Street Reserve.
A four-level complex over basement car parking is expected with an end-value likely to exceed $150m.
Vinci Carbone's Joseph Carbone and Frank Vinci with Gorman Commercial's Peter Bremner and Johnathon McCormack were the agents.
Last month we reported Arcare acquired the former Boundy's supermarket, on 4010 sqm in Essendon, with plans, sources say, for a high-rise, or vertical, aged-care complex.
Aged care providers double down in Brighton
The Knowles deal comes 10 months since the Buxton family outlaid $22.65m for Brighton's ex-Marine Hotel, on 4670 sqm, also with plans for an aged care investment.
Just before COVID meanwhile, Japara, now part of Cavalry Health Care, spent $10m for two dwellings covering 1998 sqm to extend the abutting the suburb's Elanora Aged Care Home.
"This recent show of faith in the Brighton market by experienced aged care and retirement developers indicates the growing need for quality aged care and retirement living in the bayside area," Mr Carbone, who also marketed the Marine Hotel, said.
"We wish we had a few more sites like this to sell as the demand from this sector of the market is still very strong," he added.
Brighton, one of Melbourne's most exclusive suburbs with a median house price of over $3m, is 11 kilometres south of town.
https://www.realestatesource.com.au/aged-care-giant-buys-brighton-site/
Following an off-market deal late last year, the Knowles family owned group is speculated to be paying just over $20 million for the 5973 square metre amalgamation covering 85 - 93 Wilson Street and 10 - 14 Alverna Grove, overlooking William Street Reserve.
A four-level complex over basement car parking is expected with an end-value likely to exceed $150m.
Vinci Carbone's Joseph Carbone and Frank Vinci with Gorman Commercial's Peter Bremner and Johnathon McCormack were the agents.
Last month we reported Arcare acquired the former Boundy's supermarket, on 4010 sqm in Essendon, with plans, sources say, for a high-rise, or vertical, aged-care complex.
Aged care providers double down in Brighton
The Knowles deal comes 10 months since the Buxton family outlaid $22.65m for Brighton's ex-Marine Hotel, on 4670 sqm, also with plans for an aged care investment.
Just before COVID meanwhile, Japara, now part of Cavalry Health Care, spent $10m for two dwellings covering 1998 sqm to extend the abutting the suburb's Elanora Aged Care Home.
"This recent show of faith in the Brighton market by experienced aged care and retirement developers indicates the growing need for quality aged care and retirement living in the bayside area," Mr Carbone, who also marketed the Marine Hotel, said.
"We wish we had a few more sites like this to sell as the demand from this sector of the market is still very strong," he added.
Brighton, one of Melbourne's most exclusive suburbs with a median house price of over $3m, is 11 kilometres south of town.
https://www.realestatesource.com.au/aged-care-giant-buys-brighton-site/