Melbourne

Parkdale Hospital changes hands for the second time in 12 months

The former Como Private Hospital, a bayside healthcare facility in Parkdale, has transacted at $10,200,000 to Little Company of Mary Health Care.

03 Feb 2020

The former Como Private Hospital, a bayside healthcare facility in Parkdale, has transacted at $10,200,000 to Little Company of Mary Health Care.

The deal represents the second largest healthcare sale of 2019, trumped only by the $23,000,000 sale of Cranbourne Medical Centre in October.

The former Healthscope hospital at 152 Como Parade was sold with an existing lease to the end purchaser, which outbid a range of competing hospital and healthcare operators for a Net Yield of 4.4%.

Purchaser Little Company of Mary Health Care – a national health, aged and community care services provider, which operates 32 facilities through its Calvary Care services (the property’s current tenant) – is potentially looking to develop the site as part of its Calvary Retirement Communities division at the conclusion of the current lease.  

Julian White, Jimmy Tat, Josh Twelftree, and Dylan Kilner of CBRE’s Healthcare & Social Infrastructure and Victorian Development Site Sales teams brokered the transaction.

Mr Tat said; “As the final private hospital listing of the year, the property was highly sought after by multiple investors and operators who were interested in the value of the existing improvements. 

“Given the substantial build costs of hospitals, it is often far more economically feasible to refurbish an existing build, as opposed to starting from the beginning.”

Mr White added; “The sale was also keenly sort after by developers, with a number of bids from this sector.

“The market is responding to the improving residential marketing and showing genuine signs of intent for a very positive 2020.”

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.