CBRE to list Victorias largest public medical offering in over four years
CBRE to list Victoria's largest public medical offering in over four years
| 12 July 2019
The most substantial healthcare offering in over four years will hit the investment market in July, with price expectations exceeding $20 million.
The 4,137sqm Casey Medical Centre is fully leased with a passing income of $1.3 million and is poised to capture the attention of high-net-worth private investors, private wealth management funds and A-REITs.
Mr Peluso said amenity suitors would be attracted to the asset for its favorable location.
Opposite Bunnings and Woolworths in Cranbourne North, the super-clinic has a dual street frontage to Thompsons Road and Woodbine Road. The prominent position and site exposure is second to none.
Mr Twelftree commented that there were two investor preferences when it comes to medical centres; investors who opt for smaller, convenience-based GPs and specialists and investors who favor a consolidation of specialists into super clinics.
“In more recent times, the latter appears to be more popular with investors – an emerging trend amongst industry experts, positioning the medical centre positively in the long term,” Mr Twelftree said.
Mr Peluso said that potential buyers would be looking at long-term development and repositioning prospects, given the site’s significant street exposure, surrounding amenity and the prediction that the City of Casey population would surpass Canberra’s within a few decades.
“With over 10% of the population aged between zero and four, Cranbourne’s substantial younger demographic will require greater GP and specialist services in coming years,” Mr Peluso added.
Mr Peluso also noted that the medical centre’s quality tenant offering includes Thompson Road Clinic, which has been growing its presence in the local area since 1987 – creating an element of security for future landowners.
The landholding is expected to enter the market in mid-July via a formal Expression of Interest campaign.
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