A retirement village and neighbouring vacant land in Perth’s western suburbs has sold in a $53 million deal.

The two properties at 118 Monash Avenue and 15 Karella Street in Nedlands total 5.55 hectares over two titles.

The lot at 118 Monash Avenue consists of an existing retirement village complex with 80 independent living units (ILUs), known as the Hollywood Village, on a 17,298sq m parcel of land, while the vacant 38,235sq m site has current development approval with a scheme for a further 327 ILUs.

The two properties were taken to the market in one line via an Invitation-only Expressions of Interest campaign run by Knight Frank, with agents Sam Biggins, Tony Delich and Cory Dell-Olio negotiating the sale.

They were purchased by West Australian property developer HN Asset Pty Ltd, an entity within the Hesperia Group, from Regis Healthcare Limited.

The properties are situated around six kilometres from the Perth CBD in the heart of the Nedlands medical precinct, which consists of the Hollywood Private Hospital, Perth Children’s Hospital (PCH) and Sir Charles Gairdner Hospital.

Mr Biggins said “The sale of the properties is testament to the demand from tier one developers to acquire substantial land parcels co-located or in close proximity to established medical precincts for the construction of integrated healthcare developments.

“The site and improvements encompass a sizeable 5.55-hectare footprint, offering buyers an exceptional opportunity to acquire one of the largest amalgamated sites in the tightly-held western suburbs of Perth.

“The redevelopment potential on the vacant site benefits from a current DA for 327 Independent Living Units, potentially accommodating our ageing populace or providing a building envelope for an alternative scheme, subject to approvals.”

Mr Delich said the property was located in the sought-after western suburbs of Perth, with premium amenities nearby.

“In addition to healthcare services and medical facilities, the offering is close to shopping centres, the University of Western Australia and Kings Park.

“The properties have excellent connectivity to major road links, bus routes and the Karrakatta Train Station is just one kilometre west of the property, with pedestrian and cycle paths, plus the Swan River foreshore being nearby.”

Regis’ CEO Dr Linda Mellors said, “I am pleased to announce the sale of the Hollywood Village and neighbouring development site to Hesperia, a leading WA property developer. This transaction delivers on our strategy to release capital from non-income producing assets to reinvest into higher returning core business opportunities. Hesperia is well positioned to realise the potential of this significant site in the western suburbs of Perth.”

Hesperia Directors Kyle Jeavons and Rowan Clarke have led the transaction for Hesperia. Hesperia Director Rowan Clarke said, “We will continue to operate the village for existing residents while we consult on and design a master-planned precinct for this substantial inner city land area adjacent to important medical facilities and surrounded by an established residential area.”

To request a sales analysis please contact the selling agents Knight Frank, agents Sam Biggins, Tony Delich and Cory Dell-Olio via the below contact details. 

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