Arcare acquires residential block opposite popular Victorian golf course

Arcare Aged Care has secured a new building site zoned for General Residential across the road from Ringwood Public Golf Course in the outer Melbourne suburb of Ringwood. The site was acquired permit-ready for 25 townhouse developments, but Arcare will instead apply to build a small aged care complex on the site. The block, at 313-317 Canterbury Road, measures 5,680 square metres and was purchased for $7.5 million. Mike Carnell (pictured), Chief Executive, Property at Arcare owner Knowles Group, is proud of the purchase.

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Knowles Group and its subsidiary Arcare Aged Care is very pleased to have the opportunity to bring our quality aged care provisions to the area,” Mike said. “After 25 years in the industry, Arcare is renowned for our continuity, beautiful building designs and our respect for individual uniqueness.”

Leon Ma, at real estate company Colliers, points out how competitive the market was for this property.

“Competition was robust from an array of buyer types including traditional residential developers and social infrastructure developers such as childcare and retirement living,” he told Real Estate Source.

Arcare recently also proposed two new aged care homes in the Canberra region.