Background
The Howarth Family instructed Colliers Valuation & Advisory Services on the valuation of their retirement village The Manor in Batemans Bay in early-2020. The family indicated their interest in potentially selling the asset, at which point Colliers Healthcare & Retirement Living Transactions experts made contact.
Challenge
The biggest challenge in undertaking the project was navigating travel restrictions imposed by COVID-19 which made it difficult for interested parties to view the property especially given the vulnerability of the residents.
Strategy
The team ran an off-market Expressions of Interest campaign and engaged their extensive buyer network to gauge interest. After investigating several opportunities within the healthcare landscape, the team made contact with Goodwin Health in Canberra who did not have a presence in the area but who had a mandate to acquire property.
Services
The Colliers’ team introduced the Howarth Family to Goodwin. Goodwin viewed the property towards the end of 2020 when COVID-19 restrictions eased.
Because this was Goodwin’s first acquisition in their 65 year history, the team ensured consistent communication throughout the campaign.
Results
The Colliers’ team maintained momentum throughout the sales process and negotiated a non- disclosure agreement and final sale between the vendor and purchaser. The sale became unconditional in February 2021.
Testimonial
“We partnered with Colliers’ Healthcare & Retirement Living team for transaction purposes on one of our specialised aged-care assets. Throughout the process, Chris and Shalain were proactive and professional and by drawing on their industry expertise and network, lead both parties to a mutually agreeable solution. What stood out to us was how Chris and Shalain maintained privacy and provided clear and consistent communication the entire time.”
Richard Howarth
Managing Director
The Henry
