Strong growth in the healthcare sector – underpinned by Australia’s ageing population – has sparked the sale of a medical facility on the Mornington Peninsula.
CBRE’s Health, Aged and Child Care division has been appointed to steer the marketing campaign of the 93-95 Tanti Avenue property, comprising a circa, early 1900 period style residential dwelling.
Converted for medical use, the property is currently tenanted by Peninsula Skin Cancer Centre and The Australian Clinical Labs on a secure five-year lease generating a rental income of $261,789 per annum.
The facility, which is located in Mornington’s medical hub on a 1,888sqm site, comprises eight consulting rooms, two treatment rooms and separate pathology area. The property also includes 22 car parking spaces and substantial street frontage of 34.34m.
CBRE selling agent Sandro Peluso said the strengthening appeal of the healthcare property market would draw strong buyer interest.
“Australia’s aging population and the stability of tenancies associated with medical facilities are driving increasing interest from investors in healthcare assets. This enthusiasm, backed by the growing popularity of the Mornington Peninsula as a tourism destination, has created an ideal environment for the sale of this property,” Mr Peluso said.
“Furthermore, the strong underlying land value, teamed with a premium location amongst similar, well-established businesses, makes this a strategic investment option.”
The property, which is located in close proximity to major arterial roads, including the newly constructed $750 million Peninsula Link Freeway, also offers potential for further development (STCA).
The sale follows a period of strong transaction activity in the local medical sector over the past 12 months, which includes the recent auction of 1537 Point Nepean Road in Rosebud West, purchased by a Chinese buyer for $2.9 million.
CBRE’s Josh Twelftree commented: “We successfully conducted a number of transactions in the healthcare sector in 2016 with both local and offshore buyers. All signs suggest this trend will continue well into the next year.”
The Tanti Avenue property will be offered via forthcoming Public Auction.
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CBRE Group, Inc. (NYSE:CBG), 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 2016 revenue). The company has more than 75,000 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.