Investors circle Blackburn aged-care home Crofton House
AN aged-care home within a two-minute walk of Blackburn railway station is attracting “tremendous interest” from local and overseas investors.
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AN aged-care home within a two-minute walk of Blackburn railway station is attracting “tremendous interest” from local and overseas investors.
Situated at 13 Railway Road and 14 Lithgow Avenue, Blackburn, Crofton House has been put on the market by expression of interest.
The 45-bed facility on more than 4000m2 of land is being advertised by CV Property Consultants as “a perfect investment offering” and “land bank opportunity for the future”.
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Agent Ian Angelico said the site had “huge development potential”, being located within the Residential Growth Zone with multi-level commercial and residential development nearby.
He said it was “pretty unique” to find such a large block of land with frontage to two streets, and within walking distance of a train station and a supermarket.
The one-storey facility is nestled between houses in a leafy area to the west of Blackburn Station Village, along the trainline.
“It certainly could be developed in the future,” Mr Angelico said.
But the future buyer would first have to see out Crofton House’s lease, which has the potential to be continued for the next 15 years.
“We’re offering it as a long-term investment property,” he said.
The family-run business has been operating the assisted living facility for 20 years, and managing director Craig Baker said it “absolutely” planned to continue.
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“We’re certainly hoping whoever buys (the property) will continue it as it is — and that’s what should happen,” Mr Baker said.
Crofton House offers an income of $463,750.20 per annum as an investment, according to the sale listing.
Mr Angelico said the property had already received “tremendous interest” from investors.
He said most enquirers had been local, but a number of Chinese investors had shown interest, and some European-based purchasers also had.
Expressions of interest close on Thursday, September 6 at 3pm.
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