The City of Moreland, bolstered by its easy access to the inner sanctum of Melbourne, as well as flourishing residential and commercial projects in suburbs like Brunswick and Pascoe Vale, is witnessing unprecedented demand from developers. No property news demonstrates this better than Melbourne Acquisitions’ latest sale.
The 2.56-hectare site at 14-22 Gaffney Street has been purchased by the New Zealand retirement village and rest home operator, Ryman Healthcare, with the new owners declaring their intent to develop a state-of-the-art, $350 million retirement village on the landholding.
The property, located in Coburg North, is situated directly opposite the Batman train station, and is within walking distance of major brands such as Bunnings, Officeworks, and Coles. As such, it was considered an asset of considerable value when brought to the market. Melbourne Acquisitions’ selling agent James Latos, who specialises in the northern metro middle markets, confirmed the significance of the sale, stating that the transaction “was the second largest to date in the City of Moreland.”
Latos’ fellow agent, Dominic Gibson, stated that “Ryman’s successful acquisition... signified their commitment to being the leader in [the] Australian retirement and aged care sector”, and given the published details on the proposed village, Gibson's comments ring true. Ryman wants to emphatically stamp their mark on the Melbourne aged care space. They intend to combine modern independent living apartments with a full aged care centre, that also includes a café, bar, gym, cinema, indoor pool, and hair and beauty salons.
“With more free time on their hands, older Australians want to get busy living life to the full. This village will provide a unique opportunity to do just that”, stated Ryman Australia’s CEO, Cameron Holland. “Coburg North is an area that’s really taking off... We build village communities where people want to live, and this is an area where people very much want to live.”
Holland’s comments feel accurate, as marquee developments like the Pentridge Shopping Centre have continued to add to this suburb’s appeal. Ryman Healthcare's development at 14-22 Gaffney Street will only enhance the value eminent in Coburg North.
Melbourne Acquisitions’ Dominic Gibson and James Latos represented the vendor and Colliers agents Hamish Burgess and Joe Kairouz represented the purchaser Ryman Healthcare.