A freestanding medical building in Wantirna has sold for $4,007,000 at auction, 54% above reserve.
303 Mountain Highway comprises a 605sqm building with 23 car parks and sits on a 1,445sqm land holding.
CBRE’s Victorian, Health, Aged & Childcare team of Josh Twelftree, Sandro Peluso and Rorey James sold the property with vacant possession.
Mr Peluso said the auction attracted five different bidders with over 70 bids in total with a number of medical groups, childcare and aged care providers looking at the opportunity.
“Our specific and tailored sales approach made for a highly competitive auction. The property hit the market at $2,600,000 which sparked some serious bidding between five groups. The property was eventually knocked down for $4,007,000, a staggering $1,407,000 above the reserve, with a local investor outbidding the medical fraternity,” Mr Twelftree said.
Mr Twelftree said buyers are currently viewing medical facilities as strategic investment opportunities, underpinned by healthcare’s growing demand with the ageing Australian population and the sector’s resilience to economic cycles.
“Healthcare is a fast-growing sector that is positioned to capitalise on Australia’s ageing population, with 25% of the population expected to be over 65 by 2025. Not only is the large baby boomer generation now moving into retirement, as a nation we are living much longer – which is increasing demand for medical facilities.”ABOUT CBRE GROUP, INC.
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 (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
