Regis buys $9.6m Parkside site seized from Aaron Hickmann

Aged care provider Regis has snapped up a multimillion-dollar property seized from bankrupt businessman Aaron Hickmann, with plans to transform it into a 120-bed facility.

Regis Aged Care has emerged as the buyer of a multimillion-dollar property seized from bankrupt Adelaide businessman Aaron Hickmann.

Property records show the ASX-listed provider has paid $9.6m for the former Cappo Seafood site on Glen Osmond Rd in Parkside, after it fell into the hands of receivers last November.

The 4084sq m site, which features the former Cappo Seafood warehouse and a two-level office building, was previously earmarked for a $37m residential and commercial development before Mr Hickmann took it over in 2022.

Colliers’ Jordan Schmidt, who brokered the sale to Regis alongside colleagues Rhys Newman and Alistair Mackie, said the site generated strong interest from developers and institutional buyer groups, with more than 75 enquiries and nine formal offers.

Regis Aged Care has paid $9.6m for the Parkside property.

“We were able to leverage significant buyer interest to deliver ... a market-leading price,” he said.

“The campaign highlighted the scarcity of quality redevelopment opportunities within the CBD fringe, and the depth of demand for well-located land with scale and flexibility.

“The purchaser recognised the strategic value of the asset with its proximity to the CBD, major road networks, and surrounding health infrastructure, making it a compelling acquisition.”

Regis owns and operates four aged care facilities in South Australia, at Davoren Park, Marleston, Linden Park and Kingswood.

In a recent presentation, the company said the Parkside site could accommodate around 120 beds, with construction of a new facility expected to commence in 2028-29.

The landholding is spread across three titles, with current zoning rules allowing for development of up to five storeys.

An industrial-grade processing is currently leased, while the office building is vacant.

Mr Hickmann – founder of failed lighting company Vailo – acquired the property in 2022 through one of his corporate ­vehicles Zamaz Property Seven.

According to a report from Pitcher Partners’ Michael Basedow, the company owes Melbourne fund manager Equity One Mortgage Fund $4.5m, while small business lender BizCap is chasing a $2.8m debt and Revenue SA is owed more than $315,000.

Mr Hickmann amassed a large property portfolio but receivers have control of several properties as lenders look to call in unpaid debts.