Mr Peluso said the highly competitive campaign had resulted in one of the most notable healthcare property transactions of 2018.
The 2,245sqm corner site features 86 metres of frontage to both Cotham Road and Adeney Avenue. The existing hospital improvements include four operating theatres, 60 beds and consulting suites.
Eight Expressions of Interest were received from a range of residential developers, medical users and aged care developers.
“The interest in healthcare real estate has increased markedly over the past three years, with government support and demographic trends boding well for the asset class,” Mr Peluso said.
“With 22% of Australia’s population forecast to be over the age of 65 by 2056, investors are demonstrating a clear interest in these offerings. Given the limited supply of hospital investments made available to the market, the Cotham site presented a significant opportunity for larger medical groups.”
However, despite the level of medical-related interest, the 2,245sqm site was snapped up by Hamton in its latest development foray.
“We are excited about the opportunity to develop a boutique residential project for owner-occupiers in this premium location. We are looking forward to adding value to the local area with our considered and very high quality approach to development,” said Hamton Executive Chairman Paul Hameister.
CBRE’s Mr White noted that the Kew sale was a clear sign of market confidence from multiple buyer segments, particularly given that the site was sold with vacant possession.
“While this can typically be a challenge when securing funding from the major banks, the deal highlights that experienced and long-term developers have identified that now is a great time to buy,” Mr White said.
Hamton Property Group:
Over the past 13 years, Hamton has built a reputation as a Melbourne market leader for entrepreneurial, high quality property developments with an end value of between $50 million and $2 billion. Hamton has completed and current projects of over $3.5 billion in Melbourne, with a focus on the high and medium density residential sector in quality locations in the inner and middle ring suburbs.
Hamton’s projects have won numerous awards, including its $420m Abbotsford development, which was awarded the 2016 UDIA National Awards for Excellence in the High-Density Housing category and the President’s Award for the best project across all nine categories.
Hamton is currently leading the redevelopment of Moonee Valley Racecourse in partnership with Hostplus and Moonee Valley Racing Club.
Please refer to www.hamton.com.au for further background.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.