High-profile site for sale
THE Highton site for an approved 122-bed, three-storey aged-care development is on the market.
Aged-care provider Japara Healthcare is selling the massive Roslyn Rd property 12 months after it obtained City of Greater Geelong approval on a planning permit for the building.
The expressions of interest campaign launched this week is targeting aged-care providers to activate the plans and buyers who might consider alternative development options for the site, including townhouses or apartments.
Knight Frank, Melbourne, director developer site sales Ed Wright said the agents were acting on behalf of the publicly listed healthcare provider to sell the 8244sq m property at 297-307 Roslyn Rd.
“They’ve since decided that they are focusing some of their capital on some of their interstate facilities as they’ve got a pretty full pipeline in Victoria,” Mr Wright said.
“This was a good one to take to market, given there’s a lot of interest in Geelong and Highton at the moment from Melbourne developers.
“This could attract townhouse developers as well, so it doesn’t necessarily have to use the aged-care permit.
“Someone could buy it and deliver this aged-care facility straight away.
“Given the location and the size someone might decide to go for a new planning permit and go more residential.”
Mr Wright said price expectations were between $4.3 million and $4.5 million.
“Inquiry has been really strong,” he said.
“There’s a lot of interest from Geelong developers as well as interstate aged-care operators and your pure Melbourne townhouse developers.”
The high-profile location, 600m from the Highton shopping precinct, has an 82m frontage on Roslyn Rd.
The general residential zone, Schedule 2 zoning allows for multiple residential development options, subject to council approval.
It also has a rear boundary to Remony Ave, although the aged-care home only permits pedestrian and emergency vehicle access at this point.
The approved development, designed by Crosier Scott Architects, provides nearly 8500sq m of floor space over three storeys, plus roof gardens, 122 bedrooms and parking for 41 vehicles and 25 bicycles.
The permit also stipulates the retention of a number of trees on the site.
The accommodation includes a mix of standard, deluxe and premium bedrooms.
A council planning panel rejected initial plans for a 136bed development in August 2018, before the application was approved
2019.
The property last sold for $3.5 million in 2016, CoreLogic records show.
Expressions of interest close on March 19 at 3pm. in February