PRESS RELEASE 26 MARCH 2018
Leading Queensland aged care provider PresCare with partner Catalyst Health REIT, announced that it has agreed to acquire a 5,000 sqm site fronting Menin Road in Corinda from Aura Holdings.
PresCare will develop a three level residential aged care facility of approximately 100 beds on the site.
The site currently forms part of a 3.1 hectare parcel of land acquired by Aura from PresCare in 2016.
Aura is developing a 262 retirement village apartment development on the balance of the site.
PresCare had owned the site since 1929 prior to the 2016 sale and it was known as Hopetoun for many years and operated as an aged care facility and seniors housing.
“PresCare is excited to be returning to a site with which it shares a long history. When we heard that the parcel of land fronting Menin Road was earmarked by Aura as a complimentary residential aged care development, and it had an existing development approval in place, we saw it as a great opportunity to return to the old Hopetoun,” PresCare Chief Executive Officer, Greg Skelton said.
“We are also looking forward to continuing to grow our residential aged care business in partnership with Catalyst Health REIT” Mr Skelton said.
Aura Holdings is a specialist retirement village owner and operator and always had plans to subdivide a portion of the site for aged care. Aura Director, Mr Tim Russell, said “Aura does not have aged care development or operational expertise but always saw the Menin Road part of the site as being an ideal location for residential aged care. We thought it best to first secure a development approval for aged care and then find a developer and operator of aged care to take it from there”.
“We think it is fantastic that PresCare, with an extensive track record of providing quality aged care, has decided to come back to Corinda. We are looking forward to having them as our new neighbour as we believe an adjacent residential aged care facility adds to our retirement village offering,” said Mr Russell.
Construction of the aged care facility is expected to start in 2018 with its first residents moving in early 2020.