Opal HealthCare acquires luxury Greenwich Place aged care home in Sydney
Published on 9 March 2026
One of Australia’s most high-end aged care developments is set to change hands, with Opal HealthCare acquiring the luxury Greenwich Place aged care residence on Sydney’s Lower North Shore.
The 90-suite home, located in Greenwich around seven kilometres north of the Sydney CBD, opened in February 2024 and quickly gained attention for its premium pricing and hotel-style design.
Refundable Accommodation Deposits (RADs) at the facility were initially marketed between $950,000 and $2.5 million, positioning it among the most expensive residential aged care offerings in the country. Current RAD prices now range from just over $1 million to around $2.6 million, with a single Platinum apartment priced at just above $3 million.
The development also received industry recognition, winning Best Aged Care Facility 2024 at the Master Builders National Excellence in Building and Construction Awards.
Founder and owner Jonathan Shteinman confirmed earlier this week that the property had been sold to Opal HealthCare, with settlement expected in early May 2026 subject to regulatory approvals.
Speaking to residents, families and representatives at the home, Mr Shteinman said the decision was influenced by both personal circumstances and broader changes occurring across the aged care sector.
“This fact, combined with significant changes underway in the aged care sector, means Greenwich Place would be best served by new leadership that has the scale and capacity to embrace the many new opportunities that are becoming available,” he said.
He added that the transition would ensure the continuation of the home’s existing standards of care and support.
Consolidation continues across the sector
The acquisition highlights a broader shift underway in residential aged care, where larger operators are increasingly expanding their footprint as regulatory, workforce and capital pressures grow.
The majority of the existing care team at Greenwich Place is expected to transfer to Opal HealthCare when the ownership change takes place.
Across the sector, rising consumer expectations, tighter regulatory requirements and ongoing workforce pressures are making it increasingly difficult for smaller operators to sustain operations. As a result, larger providers with the scale and capital to navigate these challenges are continuing to expand their presence.
Opal HealthCare has signalled it will continue looking for opportunities to grow its portfolio in 2026.
Expansion strategy
Opal HealthCare is currently Australia’s largest private residential aged care provider.
The organisation operates 145 care communities nationally, including 54 in New South Wales, and has significantly expanded in recent years.
Its growth has included the acquisition of 31 BlueCross aged care services in 2024, which also brought home care services into the company’s portfolio, followed by the purchase of five residential homes from Cranbrook Care in 2025.
The addition of Greenwich Place further strengthens Opal’s presence in the premium end of the market and underscores the increasing role of large operators in shaping the next generation of aged care communities.
As regulatory expectations rise and the sector moves toward more consumer-driven models of care, scale, capital and operational capability are becoming increasingly important factors in the future structure of Australia’s aged care market.