Melbourne, 03 December 2014 – Fund manager Heathley Limited has acquired a Sydenham medical facility occupied by St Vincent’s Hospital for $4.15 million.
Located at 574 Melton Highway on a 1,516sqm corner allotment, the 639sqm two level facility is anchored by St Vincent’s Hospital, trading as St Vincent’s Pathology, with a further eight specialists subleasing from the group.
The facility, which has been purpose built to accommodate a high-grade fit out suitable for a medical facility, benefits from high exposure to Melton Highway and Calder Park Drive. The property also includes on-grade parking for 30 vehicles.
CBRE’s Paul Tzamalis and Jamus Campbell negotiated the sale on behalf of a private vendor via an Expressions of Interest campaign.
Mr Tzamalis said the property’s strong tenant was a key attraction, however a relatively short term lease of four years and outer suburban location posed an issue for most.
“Security to St Vincent’s Hospital was a major draw point,” Mr Tzamalis said.
“This sale represents a 7.9% return, which is a very strong outcome for short term leased asset of this calibre in an outer suburban location.”
Jamus Campbell highlighted that the property’s position was very close to established amenity and that the area would continue to grow.
“Situated in the growing outer northern suburb of Sydenham, the property stands to benefit from future growth of population and joins a series of other established medical based clinics in what is quickly being regarded as a premier medical precinct.”
Sydenham is located approximately 20km from the Melbourne CBD. For Australian/international news or global stories, follow us on Twitter.About CBRE Group, Inc.
