Rare opportunity: investing in a retirement village

Written by realestateview.com.au in Buying on April 12, 2018

In the stunning Dandenong Ranges, Rhodoglade Retirement Village presents a unique business opportunity for prospective investors. For sale by tender is the freehold and chattels, with the new owner welcome to carry on the business if they wish to do so.

Located at 1502-1504 Mt Dandenong Road, Olinda, The Lodge at Rhodoglade is an intimate, homely retirement facility, with accommodation for nine guests and a caretaker.

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Sitting on a spacious quarter-acre allotment, this boutique retirement village has seven single rooms and one double room for guests, each with private ensuite and fitted with hospital beds, kitchenette, furniture and entertainment facilities.

There’s also a commercial kitchen, enormous common lounge area with library, consulting rooms, manager’s office and a social dining area, and a caretakers suite for the manager. Comfort for residents is ensured year-round, thanks to hydronic heating, air conditioning and a gas log fire.

“It’s been built exceptionally well,” says agent Scott Allison, of Fletchers Yarra Ranges.

“All the chattels and fixtures all there ready to go, so the new owner can carry on the business without having to do anything.”

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Unique business with long-term growth potential

Scott says the guest rooms are very large for the style of the building, and this has enabled the facility to attract solid numbers of long-term guests. It’s also in a central location, with cafés, restaurants and a bakery just a few hundred metres away, while a convenient nearby bus stop is handy for visitors and day trips, for guests who are able to get out and about.

The Lodge is also the only facility of its kind in the area, and with a great catchment zone including Olinda, Kalorama and Sassafras, it’s been very popular since it opened 15 years ago.

The generous block size means there’s room for a great little courtyard, which Scott says is quite rare in a facility of this size.

‘Labour of love’ ready for new owners

The initial build was a labour of love by the current owner, a local identity with strong community ties to the area. “He actually built it with his own parents and aunties in mind, to give them a safe place to stay, and is only moving on now due to his own advancing age,” says Scott.

With no capital expenditure required, this unique property could be an excellent business opportunity for the lucky new owner, whether you choose to manage it yourself, or employ an on-site manager.

The Lodge at Rhodoglade is for sale now, with a price guide of $950,000 to $1.1 million. For further details, please contact Scott Allison on 0407 855 547, or Jenni Nash on 0498 147 355.