Large aged-care site to go ahead
PLANS for a three-storey aged-care development on a prominent Highton site look set to go ahead after it sold for $3.6 million.
Multicultural Aged Services Geelong Inc has purchased the large Roslyn Rd property that comes with an approved planning permit for a 122-bed facility.
Knight Frank, Melbourne, handled the sale of 297-307 Roslyn Rd on behalf of publicly-listed aged-care provider Japara Healthcare.
Knight Frank’s Ed Wright said Japara sought expressions of interest from potential buyers as it no longer required the 8244sq m site.
“It was bought by MACS, Multicultural Aged Care Services in Geelong. They are going to utilise the plans and permits and build an aged-care facility,” Mr Wright said.
He said the property attracted strong interest from both aged-care providers and developers keen to unlock the potential of such a large land holding.
“We received five offers at the end of the expressions of interest process,” Mr Wright said. “The 30-day settlement in this market environment was very attractive.”
MACS, based in North Geelong, operates a range of inhome, palliative and residential aged-care services with a focus on serving Geelong’s cultural diverse communities.
Its latest acquisition is in a high-profile location, 600m from the Highton shopping precinct, and has an 82m frontage on Roslyn Rd.
The approved development, designed by Crosier Scott Architects, provides almost 8500sq m of floor space over three storeys, plus roof gardens, 122 bedrooms and parking for 41 vehicles and 25 bicycles.
A council planning panel rejected initial plans for a 136bed development in August, 2018, before the application was approved in February, 2019.
The property last sold for $3.5 million in 2016, CoreLogic records show.