Regis Healthcare Group has purchased a development approved residential aged care facility for 110 beds at Murray Farm Road, Carlingford, for $15 million.
The acquisition comes as part of the group’s push to expand into the NSW market.
They currently have six existing facilities in NSW.
In the off-market deal, the purchaser was represented by Ray White Commercial Western Sydney managing director Peter Vines.
Mr Vines said there was strong interest from operators for development approved sites given the difficulty in obtaining DAs in NSW and the lack of supply in the aged care space.
“The aged care market is going through a significant amount of change to funding, and also a number of smaller operators are leaving the sector as compliance becomes more and more difficult,” Mr Vines said.
“It is hard to get any DA in NSW currently, however, residents are typically more opposed to aged care developments as they think a denser development will cause more traffic. However, it typically reduces traffic as the people living there often don’t drive.
“It is hard to get DAs but it’s also hard to find land that can accommodate developments like this which also works financially.”
The vendors of the land were HB + B Property, who purchased the property in 2018 for $10million.
“We are delighted with the result and it will be an excellent development outcome for the community,” HB + B Property’s development manager Danny Kataieh said.
