Aged care properties achieve strong sales

With building costs soaring, aged care homes and medical facilities are being snapped up – and achieving strong results. A former residential care home of disgraced operator Chronos Aged Care has changed hands for $14.7 million, nearly $5 million more than expected. The vendor was a local family who has owned the property for 25 years. The 7,207 square metre property, which is located in Alphington, 7km northeast of the Melbourne CBD, and includes two adjoining houses, is understood to have been acquired by a major healthcare operator. The triangular site fronts both Old Heidelberg and Heidelberg Roads. Chronos, the aged care provider formerly operated by brothers Gerry and Chris Apostolatos, who were banned from running the company after being accused of animal cruelty, closed two aged care homes earlier this year. Chronos went into administration on 30 July 2021, owing more than $16 million in RADs, and with creditors owed more than $7.5 million. A 48-room Baptcare aged care home at Preston in Melbourne’s north has also changed hands, selling for $5.5 million to a private investor who plans to convert it into disability accommodation. The 2,637 square metre property is the fifth aged care home to be sold by CBRE this year. Vacant aged care homes in Glen Waverley (Vic), Northcote (Vic), Cairns (Qld), Clayfield (Qld) and Toowoomba (Qld) are expected to come onto the market within weeks, according to CBRE’s Sandro Peluso.