Aged care developer buys Highett site for $28.5 million

Aged care developer buys Highett site for $28.5 million
Aged care developer buys Highett site for $28.5 million

An aged care developer has snapped up a 11,981 square metre landholding in the Melbourne bayside suburb of Highett for $28.5 million.  

The permit-approved site at 32-40 Graham Street has plans for a retirement village for 90 residential apartments, a 122 bed aged care facility and 15 assisted living units together with communal facilities. 

It was sold by Savills agents Julian Heatherich, Benson Zhou and Jesse Radisich. 

Heatherich said the site sold for around $20,000,000 and, with the added value of the permit, has benefited on the revenue opportunities associated with the $20 billion-a-year residential aged care industry.

Aged care developer buys Highett site for .5 million

“The Bayside area is one of Melbourne’s most highly sought inner suburban locations due to its abundance of lifestyle amenity, thriving café and culinary culture and public transportation links,” said Heatherich. 

“The site is only 16 kilometres from the Melbourne CBD.

“The sale also indicates a continuing upward trend we’re seeing in aged care developments, particularly in Inner Melbourne and the Mornington Peninsula.” 

The sale to Ryman follows another recent off-market acquisition to Ryman in Ringwood, also transacted by Savills.

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Aged Care Highett

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