Medical property market fit and healthy after $7.2m off-market deal

 Medical property market fit and healthy after $7.2m off-market deal

A medical centre in south-east Melbourne has been snapped up for $7.2 million in the latest evidence that the healthcare property sector is alive and kicking.

The off-market deal saw the former ANZ branch in Mount Waverley changes hands as more and more healthcare sites are the centre of intense buyer interest.

CBRE’s Sandro Peluso and Marcello Caspani-Muto helped negotiate the sale of the Blackburn Road property and Mr Peluso told OzHomeNews that the sale highlights the strengthening investment appeal for medical assets.

This transaction underlines the strengthening interest in healthcare property as an investment class

Sandro Peluso – CBRE

“Mount Waverley – and the city of Monash more generally – are fast becoming an established healthcare precinct, with several surrounding complementary services in the immediate vicinity,” Mr Peluso explains.

The 4,500sqm property was recently known as the Encompass Medical Centre and neighbour’s multiple other healthcare facilities.

“Furthermore, given the rising consumer demand for suburban healthcare supercentres, we expect the precinct to grow even more rapidly in the short- to medium-term as developers and operators look to expand and establish new premises,” Mr Peluso says.

The property at 533 Blackburn Road was formerly an ANZ branch

With permit approval for 19 health practitioners to operate and a passing yield of 3.1 per cent, Mr Caspani-Muto added that the transaction represented a stellar future investment for the buyer.

“We have experienced strong levels of interest from healthcare groups over the course of 2020, with a number of owner-occupiers and super clinic developers expressing interest in acquiring the property,” he says.

“An underlying permit for 19 practitioners holds substantial value for medical groups who really can turn the property into a one-stop healthcare shop with GP, physiotherapy, radiology, pharmacy and more with the Waverley Private hospital only moments away.”

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