As Australia’s population ages, demand for age-appropriate housing increases. Older individuals are more susceptible to a range of age-related ailments and need more assistance with everyday activities and personal care.
As aged care requirements have changed over the past five years, the Aged Care Residential Services industry has expanded, offering different lifestyle accommodation options.
This expansion, combined with more flexible pricing and ongoing government aged-care funding, has supported revenue growth over the 2015-2020 period. Industry revenue has risen at an annualised 1.4% over these five years to $23.9 billion.
Savills Metropolitan & Regional Sales along with Wexted Advisors are pleased to exclusively offer Parkview Nursing Home, 29 Park Road, Five Dock for sale via an Expressions of Interest campaign.
29 Park Road, Five Dock is a unique freehold investment within one of Sydney’s most sought after and tightly held asset classes. A fully licensed residential aged care facility positioned in the highly desirable Inner West should be of appeal to many astute investors or aged care providers.
Positioned in one of the fastest growing municipalities in Sydney’s Inner West with a multitude of retail, healthcare and educational amenity just moments away, the property is zoned R3 Medium Density Residential and positioned on 1,550sq m of land with 40m* frontage boasting unrivalled views over Five Dock Park.
With 59 bed licenses, the property’s facility operator Benessere Health Care Pty Ltd generates significant annual revenue above $4.5m per annum and is in a quiet residential area with a range of parks and outdoor spaces on the doorstep and is just 250m* from Five Dock’s main retail strip, Great North Road.
According to Nick Lower, State Director - NSW, Metro & Regional Sales at Savills Australia, the healthcare sector is a secure asset class with a long running history of profitability.
“The steady stream of demand for healthcare services has remained relatively stable over the past two decades, even during the outbreak of COVID-19.
“Contrastingly, other investment classes have experienced exposure to the volatility of global issues and trends and subsequently have resulted in less desirable returns. Over 2020 healthcare real estate emerged as a standout sector, outperforming core asset classes such as office and retail” he said.
Parkview Nursing Home is located 6.5km west of Sydney CBD in the highly desirable Inner West suburb of Five Dock which benefits from being in close proximity to major arterial roads such as the A4 and A22, both of which provide direct access into the Sydney CBD to the east and adjoin the M4 motorway to the west.
According to Ollie Ridley, Executive, Metro & Regional Sales at Savills Australia, the area has drawn large numbers of retirees and residents seeking a more suburban lifestyle with access to parks and open spaces whilst still being easily accessible from all over Sydney.
“With ongoing development to local infrastructure and major road networks, Five Dock has become a highly sought after suburb for those looking to relocate out of the core City Fringe and into a more ‘tree change’ lifestyle”.
Between 2016 and 2041, the age structure forecasts for Canada Bay Council indicate a 51.3% increase in population aged between 45-59, a 59.3% increase in population aged between 60-74 and a 130% increase in population aged over 75.
Mr Lower said the largest projected population increase is estimated for those in the retirement age bracket, which signifies an ‘ageing population’ and subsequent rising demand for aged care facilities.
Parkview Nursing Home, 29 Park Road, Five Dock will be sold via International Expressions of Interest campaign closing at 2pm, Thursday 10 December 2020 (AEDT).