NEWS PROPERTY

The Fernvale Manufactured Housing Estate site is for sale with ResortBrokers…

Dr Shapero is selling his 26 year old two-level property at 2 Woodbine Road, Cranbourne. The 1400sq m Cranbourne Health clinic is fully leased and returns $1.3 million a year. It’s on a 4137sq m site on a corner site and is expected to sell for more than $20 million. Expressions of interest for the major landholding closes in mid-August. CBRE’s medical team, including Mr Peluso, Josh Twelftree and Jimmy Tat are handling enquiries. Mr Twelftree said there are two types of investors in medical centres – those who go for smaller convenience-based GPs and others who prefer super-clinics with their concentration of specialists. Medical centres are very attractive to investors. Last week, Fitzroys sold a 1336sq m medical clinic at 789 Pascoe Vale Road, Glenroy for $9.47 million on a 5.2 per cent yield.

Medico investors are on the move. Camberwell pharmacist Martin Baytch is offloading the two-storey Australian Unity building on Burke Road and Cranbourne GP Leon Shapero is selling the clinic he developed on Thompsons Road. The Baytch family superfund has owned 620-624 Burke Road since 1989. The 828sq m building has rear access to Market Place, where Camberwell Market sprawls every Sunday. The building, now leased to PharmaSave and returning $617,733 a year, has operated a busy bulk billing clinic upstairs for many years. There is some vacant space and the lease expires in two years. CBRE agents Rorey James, JJ Heng, Sandro Peluso and Lewis Tony are handling the campaign which closes at the end of August. Phillip Almeida of Performance Property Advisory is representing the vendor. The property is in a blue-chip location and expected to fetch more than $11 million.

A private investor has bought a $7.28 million medical centre in Glen Waverly, Melbourne for a long-term investment. The 613 sq m Waverly Medical Centre at 242-244 Springvale Road offers redevelopment upside. It sits on a 1504 sq m site. The medical clinic, which has been operating for over 30 years, sits opposite The Glen Shopping Centre. The asset was marketed and sold by Ray White’s Ryan Trickey and Ben Ainsworth.

Jewish Care Victoria has announced its community residence at Caulfield North will be up for sale. The 3683 square metre site has remained vacant since the closure of the Mark and Dina Munzer Community Residence in March 2017.

A local investor has snapped up a $12.5 million medical centre investment in Caroline Springs in Victoria at a yield of 4.88 per cent, reflecting its redevelopment upside. The premium medical centre with five tenants including a radiologist, dentist and general practitioners at 224-226 & 228-232 Caroline Springs Boulevard is 119sq m size on a 3135sq m site. It is opposite Lendlease’s CS Square Shopping and has 42 car spaces. The property has “Comprehensive Development Zoning”. CBRE’s Sandro Peluso, Josh Twelftree and Jimmy Tat brokered the deal for a private owner.

ASX-listed community-based healthcare provider Zenitas has signed a five-year lease for 1600sq m of office space at 417 St Kilda Road. Zenitas is relocating to level 9 and part of level 4 of the A-grade building from a nearby B-grade building. It is understood the net annual rent of the lease is around $400 a square metre. CBRE’s Anthony Park closed the deal.

Victorian public health service provider Melbourne Health has secured a brand-new 1188 square metre office building in Mill Park, 20 kilometres northeast of Melbourne, for its business. Melbourne Health struck a 15-year lease with five-year options for the property at 14D Oleander Drive at a net annual rent of $409,860. The group will undertake their own fit-out at the two-level building with 22 car spaces. CVA’s John Star brokered the deal.