Milstern Health Care to sell its Golden Lifestyles retirement villages
Milstern Health Care is looking to offload its Sydney retirement village portfolio “Golden Lifestyles” with price expectations of around $50 to $60 million.
The sale is being conducted confidentially in an off market deal through CBRE and Colliers International.
Seven villages including Windsor Gardens in Chatswood in Sydney’s north shore and Oatland Gardens in Sydney’s west are being sold, it is understood.
The other villages being sold are also also in inner city or city fringe areas in all directions of Sydney. Strathfield Gardens is in Sydney’s inner west, the Bayside Park Self Care Retirement Village is in Blakehurst in Sydney’s south, the 30-place Northbridge Gardens Retirement Village and Lindfield Manor are in the lower north shore and Rose Bay Towers Retirement Village is in the eastern suburbs.
The portfolio has just over 350 independent living units across sites close to or in residential areas with an indicative average median house price of more than $2 million. It being marketed with development potential.
Some of the villages are also housed in historic properties. Strathfield Gardens is located in the 1870’s historic homestead of ‘Fairholme’. Rose Bay Towers is opposite the Royal Sydney Golf Course.
Milstern Health Care is looking to sell the properties in one line however it will consider the sale of individual villages.
The group closed two other villages The Ritz in Leura and Yagoona Nursing Home in Sydney’s west in recent times, both with histories of failed compliance with standards of care. In 2017, both villages lost their accreditation after failing to meet these standards.
Milstern was also in dispute with Lindfield Manor residents in the mid-2000s over poor financial management.
The appeal of retirement villages is catching on with property investors. Independent living units are more appealing than aged care facilities with the latter heavily regulated and more capital intensive.
Cromwell Property Group recently extended its exposure to the sector with the $60 million acquisition of the Sydney-based “The Landings” facility in Sydney’s north shore through a joint venture it established last year.
