Aged care developer buys Highett site for $28.5 million

Aged care developer buys Highett site for $28.5 million
Staff reporterSeptember 4, 2019

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.

“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.

Editor's Picks

Hamton launches sales at Scotch Hill Gardens, Hawthorn
RBA cut interest rates amid inflation decline
Reddam House North Shore opening to lure families to North Sydney
Woolworths to sell another prime Brisbane development site with apartment approval
TOGA's vision for building vibrant new community precincts across Sydney