Summerset takes over Oakleigh South Block



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).

The Oakleigh South block was licensed for 83 townhouses in June.

“The 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,†said Scott Scoullar, CEO of Summerset.

“The 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.

“We 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,†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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