Australian property market wrap 25 October 2023
Images: Supplied.
  • Development approval given for Ruby Ruby.
  • Construction of new council chambers for Rous County Council is anticipated to start in early 2024.
  • Private Melbourne hospital acquired for circa $80M.

From tenders to DA, today’s wrap spans the eastern seaboard.


Local builders urged to tender for new council chambers

Northern New South Wales project management consultancy, Marcon has invited local builders to tender for the planned development of Rous County Council’s new council chambers in Ballina where construction is anticipated to start in early 2024.

Rous County Council appointed Marcon to spearhead the tender process for the new government infrastructure, which will be located at Gallans Road, previously known as the Thursday Tea Tree Oil plantation.

The new headquarters will be situated on an 80-hectare site and accommodate about 100 Council staff. The facility will comprise an administration building, council chambers, hardstand for deliveries and storage, carparking spaces, additional storage facility and a car wash.

Its strategic location consolidates several Council sites away from the flood zone, ensuring it is adequately equipped to service the Northern Rivers in future flood disasters if they arise.

Rous County Council General Manager Phillip Rudd said Council was working toward awarding the tender for the head construction contractor to begin work by early next year (2024), after engaging Marcon to help manage the process.

Marcon has the tender out to market now with construction of the new facility earmarked for completion in mid-2025.

Brisbane project given the green light

Developer, Kokoda Property, has received development approval for its multi-residential project, Ruby Ruby, in the heart of Milton, Brisbane.

The 21-storey multi-residential development features 144 architecturally designed apartments, including penthouses across 1,640 sqm.

Nestled at 12-18 Crombie St, Ruby Ruby will offer two and three-bedroom apartments ranging from 65 sqm to 155 sqm and priced between $654,000 and $2,495,000.

The Ruby Ruby Penthouse Collection offers six sub-penthouses and two master-penthouses ranging from 188 sqm – 392 sqm in size, starting from $3,750,000.

To bring this vision to life, Kokoda Property collaborated with award-winning architects Cottee Parker, as well as the esteemed Carr Design for the sub and master penthouse interior design.


Private Melbourne hospital acquired for $80M

A modern, long WALE healthcare investment in Melbourne’s rapidly growing Northern Growth Corridor has sold for circa $80 million.

The sale of Epping Private Hospital & Medical Centre at 230 Cooper Street in Epping, was completed by Knight Frank’s Sam Biggins and Trent Preece, following an on-market international expressions of interest campaign in May 2023.

The property was sold by a syndicate managed by Northwest Healthcare Properties, with the catalyst for the divestment being an estate management matter for one of the syndicate investors.

The sale represents Australia’s largest single healthcare real estate transaction year to date.

Image: Supplied.

The property is situated in Epping, 18 kilometres north of the CBD within Melbourne’s rapidly growing Northern Growth Corridor featuring some of Melbourne’s fastest growing suburbs as land is made available to accommodate the growing population.

The property is strategically located opposite the Northern Hospital in Epping, one of Melbourne’s largest public hospitals and within an established major healthcare and medical research precinct.

The modern building is 100% leased with a long 8.7-year WALE as at 1 December 2023. The diverse tenant profile is underpinned by Northern Health, the operator of the Northern Hospital, who now occupies 49% of the building.

Epping Private Hospital & Medical Centre caters to a number of surgical and medical specialties and is anchored by a 24 bed, 4 theatre hospital and day surgery facility which is now occupied by Northern Health. The facility will provide much needed additional public theatre capacity in Melbourne’s fast growing northern corridor and compliment the Northern Hospital opposite.

Additional major tenants and health faculties include Genesis (Oncology), I-Med (Radiology), Melbourne Pathology, and Family Doctors (General Practice) plus a number of specialist and consulting suites.

The property was sold to KM Property Funds (KMPF), a Melbourne based property fund manager forming part of the KordaMentha group. The new KMPF Epping Healthcare Fund received strong support from investors.


Tweed Heads retirement village listed

Aveo, Australia’s leading and most innovative retirement living provider, has listed Tweed Fairways Retirement Village for sale.

Located at 1-3 Soorley Street Tweed Heads, the 4,481 sqm retirement village is being offered for sale with vacant possession.

The property was originally developed as a motel in 2007 before undergoing significant refurbishment to be converted to a premium retirement living apartment complex comprising 70 one-bed private rooms with ensuites, kitchenettes and laundries.

CBRE’s Will Carmen, Marcello Caspani-Muto, Adelaide O’Brien, Jimmy Tat, and Mark Witheriff are managing the sale via an expression of interest campaign closing 15 November.

Image: Supplied.

Melbourne office offered to market

A Kew Junction office has been listed for sale by the Melbourne-based Dumbrell family with a price expectation of circa $20 million, amid a shortage of investment opportunities in 2023.

Located at 17-27 Cotham Road, the four-level building, with views over Alexandra Gardens and the Melbourne CBD, comprises a net lettable office area of 2,860 sqm, parking for 87 cars and a double basement.

The property is fully leased to a variety of global and local tenants and returns a net income of $1.353 million per annum.

Gorman Allard Shelton’s Peter Bremner, Jonathon McCormack, and Stephen Gorman, together with CBRE’s Scott Orchard and Tom Ryan are managing the sale via an expression of interest campaign which closes 30 November.

Image: Supplied.

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