ASX-listed aged care operator Regis Healthcare has sold a retirement village and neighbouring parcel of land totaling 5.55 hectares in Perth’s western suburbs for $53 million. 

West Australian property developer HN Asset Pty Ltd, an entity within the Hesperia Group, bought the Hollywood Village retirement village complex in Nedlands, with with 80 independent living units (ILUs).  

It also acquired the neighbouring vacant 38,235sq m site, which had development approval with a scheme for a further 327 ILUs.   

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. 

“I am pleased to announce the sale of the Hollywood Village and neighbouring development site to Hesperia, a leading WA property developer.  

Regis’ CEO Dr Linda Mellors said the transaction delivered on their 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,” Dr Mellors said.  

Hesperia Director Rowan Clarke said they would continue to operate the village for existing residents while they consulted on and designed a master-planned precinct for this substantial inner city land area adjacent to important medical facilities and surrounded by an established residential area. 

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.  

“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,” Biggins said. 

“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.”  

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,” Delich said.  

“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.”