The Franciscan Order of Friars Minor has pocketed nearly $20m follow the sale of a significant seniors living development at Campbelltown.
The Catholic Church order founded in 1209, sold the 6.6ha parcel at 192 Narellan Road near the Hume Motorway to Uniting Care.
Property records show the title deeds formally changed hands at the end of August for $18.755m.
Owned by the Uniting Church of Australia, Uniting Care will be able to capitalise of an approved DA for a seniors living site that forms part of the Maryfields Estate. The plans include a provision for up to 500 seniors dwellings and a further 200 aged care beds.
The Narellan Road landholding adds to the Uniting Church’s $1 billion plus property portfolio, which includes around 400 landholdings under its ownership in NSW.
Colliers International head of health retirement living Shalain Singh, who sold the property with colleague Matthew Meynell, said it was a strong expressions of interest campaign, with Innova Capital playing a key role in getting the sale over the line.
“They were able to liaise with the buyer to develop a site activation strategy and also managed the site remediation works for the completion of sale,” he said.
The Maryfields Estate masterplan has further developable land for uses including business precincts and residential subdivisions in the precinct, that is being built as a crucial business and wellness hub in the south west.
The site is located just outside the Campbelltown CBD and is across the road from a Western Sydney University campus.