4 st johns avenue
The new medical facility is located opposite the Springvale Shopping Centre. Image Supplied
  • First and second levels feature 732sqm of medical lettable space
  • Third level features a 180sqm penthouse apartment
  • Holds a permit approved for five practitioners

Springvale, touted as the next satellite CBD of Melbourne, has a new premium healthcare facility for sale which is expected to fetch around $7 million.

The 4 St Johns Avenue property is currently being sold by Vacant Possession on behalf of private developers.

The first and second levels of the facility feature a total of 732sqm of lettable area with the third featuring a 180sqm penthouse apartment that offers 360-degree views.

Currently, the facility holds a permit approved for six practitioners with 21 open-air parking spaces.

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

The quartet is expecting a high level of interest from various national healthcare groups due to the permit they currently hold.

Mr Tat remarked that often a minimum of five practitioners are needed to make a medical centre feasible, hence improving the sale prospects of the facility.

“We expect incoming investors will be looking to capitalise on the strong performance of the healthcare leasing market.”

The surrounding area’s high foot traffic and growing population are other factors Mr Peluso said will appeal to potential owners.

“In addition, areas like Springvale where there is a high population over 65 years – this age profile uses medical centres 10 times per year on average, whilst those aged below use it 5.5 times per year,” he said.

The facility is located opposite the Springvale Shopping Centre and over the past two decades the surrounding areas median price has jumped by 510 per cent.

Expressions of interest are now open with an end date of 4th March.

 

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