$13.86m of Melbourne healthcare sites snapped up


$13.86m of Melbourne healthcare sites snapped up

Owner occupiers have swooped on three vacant healthcare properties in Melbourne in the past three weeks.

 

The sales in Ivanhoe, Brighton and St Kilda East amount to a combined $13.86 million, amid significant interest in sector.

 

Sandro Peluso, Josh Twelftree, Jimmy Tat and Marcello Caspani-Muto from CBRE’s Healthcare and Social Infrastructure team managed the transactions.

 

A 5,345sqm residential facility at 405-413 Upper Heidelberg Road, Ivanhoe, headlined the sales at $8.62m, sold by BlueCross Aged Care to an international healthcare and residential services provider.

 

Clinics at 390 Bay Street, Brighton, and 338 Dandenong Road, St Kilda East, also changed hands, purchased by a local vet and GP respectively.

 

Each property was purchased by an owner occupier with plans for immediate occupation, or future occupation pending minor refurbishment and repositioning works. 

 

One of the most talked about vacant healthcare opportunities of the past 12 months, the Warburton Hospital has also entered due diligence with the team.

 

“Quality owner occupier and investment opportunities within metro Melbourne, particularly the eastern region are few and far between, so when properties like these three come to market they’re hotly contested,” Mr Twelftree said.

 

“All three were transacted at a price comfortably above reserve, which is a testament to that demand.”

 

The Ivanhoe and St Kilda East assets were transacted via Expressions of Interest campaigns, while the Brighton property was sold one day before its scheduled auction, following strong and contested early interest.

 

“Healthcare investments have traditionally been very popular among investors, and this is increasing at a rapid rate, but vacant properties suited to medical use or with an existing permit remained more of a niche,” Caspani-Muto added.

 

“However the strength of our country’s healthcare market over the past 12 months has really fuelled demand for these vacant properties in 2021, with interest levels as high as our team has seen in the past five years.”    

 

 

 

For Australian/international news or global stories, follow us on Twitter: @cbreAustralia

 

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.


About the author
CBRE
CBRE
22 contributions
Joined Mar, 2021

Similar Content

Industry Trends
Industry Trends
Industry Trends
Property Showcase
Property Showcase
Property Showcase
Industry Trends
Industry Trends
Industry Trends
Media Release
Media Release
Media Release
Media Release
Media Release
Media Release
Property News
Property News
Property News
Media Release
Media Release
Media Release
Media Release
Media Release
Media Release