An aged care provider has pounced on a large development site in Brunswick, the latest in a string of deals as the sector jostles to cater for an under supply of beds in the inner and middle-ring suburbs.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The aged care outfit beat off competition from another provider and an Asian developer to snap up the 5200-square-metre site on the corner of Brunswick Road and Barkly Street for $14 million.
The site was expected to be developed into a low-rise complex, said CBRE's Julian White, who negotiated the deal with colleagues Mark Wizel and David Minty.
The block was owned by one family since the 1960s and had formerly been a textile factory.
The transaction follows UK-headquartered Bupa's purchase last week of the former Oakleigh South primary school site for $23 million.
Aged care providers are generally willing to pay a premium above what a developer will offer because of the lucrative long-term earnings associated with the sector.
Brunswick has seen an explosion of apartment projects catering for inner-city professionals attracted to the suburbs bars and cafes.
Another site nearby at 11-15 Brunswick Road sold recently to a developer for almost $10 million.
