- BlueCross Aged Care sold residential facility for $8.62 million
- Brighton street clinic was sold to a local vet
- Dandenong Road, St Kilda clinic was sold to a local GP
CBRE has sold three vacant healthcare properties across Melbourne during the past three weeks for a collective $13.86 million.
CBRE Healthcare and Social Infrastructure teammates Sandro Peluso, Josh Twelftree, Jimmy Tat and Marcello Caspani-Muto managed the transactions in Ivanhoe, Brighton and St Kilda East.
$8.62 million was the sale price for a 5,345 sqm residential facility in Ivanhoe which was sold by BlueCross Aged Care to an undisclosed international healthcare and residential services provider.
Clinics in Brighton and St Kilda East were purchased by a local vet and GP respectively.
All three were purchased by owner-occupiers who intend to occupy the sites immediately with some pending minor refurbishment and repositioning works.
Mr Twelftree said such properties are rare in the local market.
“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.”
“All three were transacted at a price comfortably above reserve, which is a testament to that demand.”
Josh Twelftree, CBRE
The assets in Ivanhoe and St Kilda were sold via an Expression of Interest campaign with Brighton selling one day before its scheduled auction, further emphasising the demand for such assets.
“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,” Mr 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.”
Marcello Caspani-Muto, CBRE