Aged-care sector: Japara Healthcare pays $4.7M for Hope Island site

An ASX-listed aged-care provider has spent $4.7 million on a block on the Gold Coast for its next facility.

JAPARA Healthcare – an ASX-listed aged-care provider – has paid $4.7 million for a site in Hope Island bought off Keylin Group.

Brisbane-based Keylin Group said the 9212sq m site on Santa Monica Blvd, which is next to its Palladium development, was surplus to its needs.

The company will now turn its attention to its other Hope Island developments, including Serenity Cove and Palladium, a $30 million luxury villa project located on a waterfront site along Palladium Ave adjacent to Sanctuary Cove’s The Pines Golf Course.

“We’re pleased to have completed the sale to Japara at a time when we are extending our investment at Hope Island,” Keylin Group director Louis Cheung said.

Japara Healthcare has built a new aged-care facility on Scottsdale Drive, Robina

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“We have a highly active portfolio of projects across southeast Queensland, with Hope Island remaining a key focus for our group.

“The sale to Japara is an excellent outcome for the group and Hope Island generally as it will help provide more residential diversity amid the significant growth the area is experiencing.”

Japara is one of Australia’s largest aged-care providers with properties that are home to more than 4000 residents in Queensland, NSW, Victoria, Tasmania and South Australia.

The company has an existing Gold Coast facility at Robina, its first project on the Coast.

The $30 million, 106-bed facility was built on a 4719sq m site Japara bought for more than $5.5 million.

The land Japara has bought is pictured in the bottom left-hand corner.

Japara CEO Andrew Sudholz could not be reached for comment.

Keyline bought the 65ha undeveloped balance of the lakefront Serenity Cove estate earlier this year in a deal believed to be worth about $50 million.

The land could provide 100 lots and 250 townhouse and villas.

Japara’s purchase of the Hope Island land settles on December 9.