Real Estate

Southern Cross Care put rare 1.38ha West Pennant Hills site on market with $15m hopes

Written by The ReReport
As seen in the Source link, written by on 2021-02-25 00:35:30

An aged care facility at 15 Hill Road and 1 View Street in West Pennant Hills is on the market.

Southern Cross Care has revealed plans to offload a recently closed aged care facility in Sydney’s Hills district after putting the 1.38ha site on the market.

Tucked away in the leafy suburb of West Pennant Hills, the sprawling landholding on Hill Road is expected to fetch about $15m at the end of an expressions of interest campaign.

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The “rare” site occupies two titles and is described by Ray White Commercial Western Sydney managing director Peter Vines describes as a once in a lifetime opportunity.

Real Estate

It is a rare to find a site of this scale in the area.

“It is one of the largest pieces of land to have come up for sale in the area in some time,” he said.

“With about 13,750sqm on title, the new owner has plenty of options at their disposal.”

The site which had 25 independent living units and 45 aged care beds closed its doors recently after reaching the end of its lifespan.

Mr Vines said while there is potential for another seniors provider to purchase the site, he expects the future of 15 Hill Road to be outside the aged care industry.

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There is a communal dining hall.

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A developer could look to subdivide the 1.38ha site.

“Aged care has changed in recent times as people’s requirements and needs have evolved,” he said.

“There is nothing wrong with the site itself, but it has reached the point in its lifespan where someone would look to develop it.”

A new owner could owner explore a number of options including an educational establishment or undertake a residential subdivision, which would require blocks to be of at least 700sqm, Mr Vines said.

Real Estate

The landholding has a swimming pool and covered space.

The current zoning would not allow a developer to construct apartments due to the nature of surrounding community, unless they looked at a potential over 55s village.

Current infrastructure includes a swimming pool, commercial kitchen, dining room, car park, manicured gardens and a large open field.

CoreLogic reports Southern Cross Care acquired the site in 1999 from Nordby Retirement Village for $2.5m. In 2017 ownership was transferred to another division of the provider.

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