Three south east Melbourne medical centres net $13.5m
Three healthcare assets in two south east Melbourne growth precincts have sold – one to an occupier.
In Berwick, the conspicuous Woodleigh Waters Medical Clinic at 137 Moondarra Drive is trading for $5.05 million – reflecting a 5.8 per cent gross yield.
The 622 square metre facility contains a pharmacy and tenancies fit out for a dentist, general practitioner, pathologist and another specialist.
It occupies a 1952 sqm block with 30 car parks at the south west corner of Clyde Road – a major thoroughfare connecting the Monash Freeway to South Gippsland Highway via several new suburbs.
The investment’s Weighted Average Lease Expiry is 7.8 years.
Berwick is about 41 kilometres from town.
Waverley precinct
In Mount Waverley – 14 kms from the CBD – a doctor is paying $7.2m for a vacant but fit out clinic licensed for 19 practitioners at 533 Blackburn Rd.
The double storey 1000 sqm ex-bank occupies the 4500 sqm parcel at the north west corner of Lionel Rd.
A new building could replace a 57-bay open-air car park.
The deal would reflect a 3.8pc market yield, the selling agency said.
The complex is across the road from a modern 3628 sqm office on 1.5 acres which Vantage Property Investments sold to Ocean Sky International for $21.83m last year (story continues below).
At Glen Waverley, about two kilometres east, of these addresses, a strata titled suite trading as Kingsway Medical Clinic on the ground floor of a modern office at 40-42 Montclair Avenue, is exchanging for $1.296m.
Both suburbs have seen greater medium density residential development recently; in 2015, 100 apartments offered within a complex near Montclair Ave famously sold off-the-plan in 90 minutes.
Property disposal follows business sale at Berwick, Glen Waverley
CBRE Healthcare and Social Infrastructure’s Sandro Peluso, Josh Twelftree, Marcello Caspani-Muto and Jimmy Tat brokered the medical centre sales.
The same agencies separately sold the businesses linked to the Berwick and Glen Waverley real estate.
“Healthcare is one of the few industries that has kept its doors open over the entirety of 2020,” Mr Tat said.
“Demand for both healthcare property and businesses has been strong for a number of years, however, appetite levels have climbed to new heights in 2020 with investors appreciating the essential services nature of the operation,” Mr Twelftree added.
The agents said more high-net worth individuals, syndicates and institutions – including from interstate – have tuned into social infrastructure real estate since COVID.
Of the empty Mount Waverley property, they added, occupiers, some which were considering replacing the land with a super clinic, expressed interest.
“An underlying permit for 19 practitioners holds substantial value for medical groups who really can turn the property into a one stop healthcare shop with GP, physiotherapy, radiology, pharmacy and more with the Waverley Private hospital only moments away”, according to Mr Peluso.
