Aerial view of a city neighborhood with a large outlined modern apartment complex, surrounded by houses, trees, and streets with parked cars.

Greengate Portfolio

TRANSACTION:
Confidential Limited Expressions of Interest
LOCATIONS:
St Brigid’s Green, 220–230 Maroubra Rd, Maroubra NSW
St Patrick’s Green, 40 Chapel St, Kogarah NSW
St Luke’s Green, 43–46 Taylor St, Woolloongabba QLD
SOLD: 2022
PRICE: $95 Million

Icon of two hands shaking on a blue shield background.

Shane Nicholson managed the sale of the Greengate Portfolio on behalf of Greengate Partners to Australian Unity

An aerial view of a residential area featuring a modern apartment complex outlined in white, surrounded by single-family homes and streets with cars and trees.
Aerial view of a residential neighborhood with a large complex outlined in white, featuring multiple buildings, green spaces, and trees.
Aerial view of a cityscape showing a mix of high-rise and residential buildings, streets, parks, and a lake in the background, under a partly cloudy sky.
Aerial view of downtown Brisbane, Queensland, Australia, with skyscrapers, bridges over the Brisbane River, and a busy highway.
Aerial view of a cityscape showing a densely populated area with residential houses and some commercial buildings, with a downtown skyline and water in the distance.
Modern multi-story apartment buildings with white, gray, and brown exteriors, surrounded by small trees and street lights under a clear blue sky.
Exterior view of a modern apartment building with balconies, large windows, and a ground-level patio with outdoor furniture, plants, and a small garden.
A church surrounded by modern residential buildings with a tree in front, during sunset.
Outdoor patio area with white chairs, tables, and umbrellas, a small pond with plants and fish, surrounded by greenery and modern apartment buildings.
A landscaped courtyard in an urban apartment complex with green grass, tropical trees, and outdoor seating areas.
View of an apartment complex courtyard with palm trees, greenery, and modern buildings under a blue sky.
A bright, modern dining area with wooden tables and blue chairs with white leaf patterns, large windows showing an outdoor balcony and trees, and a wall with shelves and a coffee station.
Living room with beige walls, white bookshelves, and a fireplace. Furnished with patterned armchairs, a sofa, black side tables, a beige coffee table, and decorative items including flowers and a mirror.
Bright living room and dining area with white furniture, a round dining table set with plates, glasses, and cutlery, a sofa with cushions, a TV mounted on the wall, and a large window with city view.
Bedroom with large windows, bed with multiple pillows, a lamp, framed artwork, a round mirror, and city view outside.

THE ASSET

This portfolio comprises three premium, award-winning seniors living communities located across Sydney and Brisbane, offering a total of 253 Independent Living Units (ILUs) and 225 Extra Service Residential Aged Care beds, accommodating 305 residents in total. The retirement villages maintain a strong average occupancy of 94%, while the aged care facilities operate at an average of 93% occupancy. Across the portfolio, the average ILU sale price (FY2020–2021) is approximately $818,000, and the average Refundable Accommodation Deposit (RAD) is around $782,000. Residents have an average age of 84 years. Each asset is secured under a fully-paid 99-year ground lease from the Catholic Church and has been recognised for excellence in design and innovation. Strategically located in high-demand, urban catchments with median house prices ranging from $875,000 to $2.59 million, the portfolio was underpinned by strong market fundamentals and enduring demand for quality seniors living.

THE PROCESS

These assets were developed, owned, and operated by the Greengate Partnership, who made a strategic decision to exit the seniors living sector. Prioritising a discreet, off-market process, they appointed Shane Nicholson to manage the divestment. The campaign generated three strong offers, primarily from institutional investors.

THE RESULT

After the original purchaser withdrew from the transaction, Shane Nicholson swiftly restructured the deal directly with Australian Unity, who was already well acquainted with the communities. Operating within a limited and confidential process, the strategic engagement and market insight created sufficient competitive tension to secure favourable terms, streamline the due diligence period, and successfully close the transaction at a very strong price that reflected the quality and scarcity of the assets.

More Featured Transactions →

Move strategically in a highly active market

Let’s talk about how we can help you achieve your goals—confidentially and with care.

Get in touch
Close-up of a modern building's curved, textured blue exterior with small tiles.