Melbourne medical assets sell for combined $6.346m as demand for healthcare properties grows

A pair of medical centres in south-east Melbourne have been snapped up by investors for a combined $6,346,000, as the interest in prime healthcare assets continues to soar.

Both transactions were individually negotiated by CBRE’s Healthcare and Social Infrastructure team, with the Woodleigh Waters Medical Clinic in Berwick sold for $5,050,000 and the Kingsway Medical Clinic in Glen Waverley selling for $1,296,000.

CBRE’s Jimmy Tat said that the two sales highlight the growing demand for medical assets during the pandemic.

Demand for both healthcare property and businesses has been strong for a number of years, however, appetite levels have climbed to new heights in 2020, with investors appreciating the essential service nature of the operation.

Jimy Tat – CBRE

“Healthcare is one of few industries that has kept its doors open over the entirety of 2020,” said Mr Tat.

137 Moondarra Drive, Berwick, sold for $5,050,000

The Woodleigh Waters Medical Clinic, located at 137 Moondarra Drive, is currently occupied by tenants dental and pharmacy, whilst the Glen Waverley clinic is occupied by long-term tenant Hippo Medical Group and Sonic Healthcare.

“Both these opportunities were highly established clinics with trading histories exceeding 10 years. This track record of success provided buyers confidence in the long-term viability of all tenants,” said Mr Tat.

CBRE’s Mr Caspani-Muto said that the nature of healthcare real estate was leading to investor interest both domestically and from overseas.

There has been a notable increase in investment interest in the asset class from both high net worth privates, syndicates and institutional buyers, who previously have not considering playing the space.

Marcello Caspani-Muto – CBRE

“Both properties offered diversified tenancy mixes, which appealed to a number of existing and long-term investors, as well as several new buyers – with offers submitted from residents of Victoria, New South Wales, South Australia and multiple international locations,” Mr Caspani-Muto explained.

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