Aged-care facility in Melbourne's Frankston fetches $5.05 million

Aged-care facility in Melbourne's Frankston fetches $5.05 million
Aged-care facility in Melbourne's Frankston fetches $5.05 million

A fully refurbished Frankston aged-care facility has recently sold for $5.05 million, as buyers actively target this sector to meet the needs of Australia’s ageing population.

The 45-bed facility at 382-384 Nepean Highway was offered to the market with vacant possession through an expressions of interest campaign. It has a landholding of 3,759 sqm.

CBRE’s Josh Twelftree, Scott Orchard and Josh Rutman negotiated the sale.

Twelftree said the property was snapped up by an owner occupier. 

“The opportunity to acquire an aged care asset was a key selling factor, with investors gaining confidence in the sector due to the projected future growth of Australia's elderly population – with individuals over 65 years predicted to increase from 2.5 million in 2002 to 4.2 million in 2021,” said Twelftree.

Australia currently has about 2,800 residential aged care facilities providing care to more than 160,000 elderly people. Over the next 10 years, the number of residents is projected to reach more than 250,000.

Tags: 
New Developments Commercial Sale

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