NEWS PROPERTY

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.

A private local developer has purchased a 734sq m development site fit for a 30-room new generation boarding house at 17 Arthur Street, Punchbowl, in western Sydney for $2.6 million. Knight Frank’s Terry Hassan and Anthony Pirrottina sold the property.

Estia has leased a 538 sq m office suite from Far East Organization on part level 9 at 227 Elizabeth Street in the Sydney CBD paying a gross annual rent of $850 a square metre. Colliers International’s Jock Gilchrist and Tom Buxton worked on the five-year lease with WSP’s John Siciliano. Kernel’s Giles Knapman represented Estia Health.

Private owners have exchanged a newly completed medical centre at 373 Warnbro Sound Avenue, Port Kennedy in WA for $2.9 million at a 6.22 per cent yield. Vend Property’s Jeff Klopper sold the architecturally designed, one-storey building for a private owner.

Two medical centres in St Albans and Sunshine West in Melbourne sold at auction for a total of $3.365 million. The Melbourne IVF tenanted 150sq m property at 192 Furlong Road, St Albans, sold for just over $2 million at a yield of 2.48 per cent. The vacant 198sq m Sunshine West property at 103 Glengala Road sold for $1.35 million. Owner-occupiers bought both properties. Savills Australia’s Mark Stafford, Jesse Radisich and Nick Peden acted on the scale.