32-40 Graham Street was sold by Savills agents Julian Heatherich, Benson Zhou and Jesse Radisich following a competitive selling process and multiple bids from aged care and retirement providers.
The permit-approved site has plans for a retirement village for 90 residential apartments, a 122 bed aged care facility and 15 assisted living units together with extensive communal facilities.
Mr Heatherich said his client purchased the site for around $20,000,000, and with the added value of the permit, has benefited significantly on the revenue opportunities associated with the $20 billion-a-year residential aged care industry, whose revenue is growing at a rate of more than 5% per annum.
“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 Mr Heatherich.
“Securing sites of this scale in these areas is becoming increasingly difficult. The site is only 16 kilometres from the Melbourne CBD, and buyers are of course extremely drawn to that.”
“The sale also indicates a continuing upward trend we’re seeing in aged care developments, particularly in Inner Melbourne and the Mornington Peninsula,” he said.
The sale to Ryman follows another recent off-market acquisition to Ryman in Ringwood, also transacted by Savills.