Regis snaps up $3.5m block at Palm Beach

AGED-CARE provider Regis has settled the purchase of a beachfront block in Palm Beach for $3.5 million.

The acquisition of the 826sq m block at 1299 Gold Coast Hwy, combined with a 2478sq m property at 1295 Gold Coast Hwy, gives the listed company 3304sq m of land to develop.

The 1295 Gold Coast Highway site was bought from former motorcycle world champion Mick Doohan for $12.1 million earlier this year and settled in May.

Mr Doohan once had plans to build a tavern on the site, however his plans attracted controversy when first floated in 2007. It was feared the project might threaten safety of children who used the Pacific Surf Life Saving Club next to the property.

The blocks are across from where Sunland is building the luxury Magnoli Residences.

Regis, which reported a profit of $30.9 million for the six months to December, is worth almost $1.4 billion, and has 54 aged-care facilities throughout Australia.