Summerset Group, a New Zealand retirement village operator, has acquired its fifth Victorian site in south-east Melbourne.
The old Oakleigh South Elementary School, spanning 1-17 Beryl Avenue and 52-60 Golf Road – all over 1.83 hectares – is said to be trading for just over $ 33 million.
The seller, VIMG, paid $ 26.07 million in 2018.
This seller, Bupa, had spent $ 23.1 million two years earlier.
The state government handed the old school over to an Asia-based developer for $ 13.55 million in 2014.
Earlier this week, we announced that Summerset has paid out $ 30 million for an 8.1 ha plot of Craigieburn.
Since entering the local market two years ago, the group has also purchased sites in Chirnside Park, Cranbourne North and – outside of Melbourne – Torquay.
Old Oakleigh South Primary School
VIMG offered the Oakleigh South block in July – shortly after the Victoria Civil and Administrative Court approved a soon to be redundant proposal for 83 townhouses (story continues below).
â€œThe acquisition underscores the company’s desire to introduce older Australians to its high-quality retirement model of life which is already enjoyed by more than 6,600 New Zealanders,â€ said Scott Scoullar, CEO of Summerset.
â€œThe course is located in Melbourne’s famous sandbelt, home to a number of Australia’s best golf courses, and shares a border with the Metropolitan Golf Club – overlooking the 16e and 17e holes, â€he added.
â€œWe know that many people enjoy retiring in their neighborhood, so we look forward to giving the residents of Oakleigh South another opportunity to do so,â€ said the principal.
Hamish Burgess of Colliers, Trent Hobart and Joe Kairouz negotiated the off-market deal.
“Investments in social infrastructure, including senior housing and senior care, in the development site asset class, were significantly higher in 2021 with more than $ 210 million in sales recorded. so far up from $ 115 million in 2020, â€said Burgess.
The Oakleigh South site is 10 miles southeast of the city.
In the nearby suburb of Highett, CSIRO last year sold a 9.34 ha former lab to the Wolf Group, which offers townhouses.
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