Aged care provider secures Warringah Golf Clubhouse site in Sydney
Strong growth in Australia’s aged care sector has underpinned the sale of a 4,071 sqm landholding in Sydney's North Manly.
An aged care provider secured the Warringah Golf Club’s clubhouse facilities at 397 Condamine Street.
The sale follows the proposed relocation of Warringah Golf Club’s clubhouse facilities to a new site on the golf course, or close to it.
The deal was brokered by CBRE’s Aaron Arias, Richard Gell and Matthew Sartori. The actual price wasn't disclosed.
“The strong result reflects the current strength in demand for residential development and aged sites in the sub $20 million price range," Arias said.
CBRE’s health, aged care and retirement living specialist Matthew Sartori said while many providers look to acquire regional bed licenses to operate facilities prior to acquiring greenfield sites, some operators were looking to purchase greenfield sites earlier to guarantee location of choice.
“Typically, aged care has not been able to compete with the residential development market on prime sites, but with a bit of a shift within the market, and with perceived over-supply of residential in certain areas, with the right site criteria, this is changing – as demonstrated by this sale,” Sartori said.
Further evidencing the momentum in the aged care market, a private operator recently secured a residential site within the mid-north coast region, close to health facilities.
Also in Sydney’s northern suburbs, a Frenchs Forest site within the proposed Health Employment Precinct exchanged hands with healthcare development being the most likely future use. CBRE brokered the deal.
“The elderly and healthcare will play a significant part of our economy and country for years to come, as well as countries around the world, in an unprecedented way,” Sartori said.
