Bell Street set for healthcare hub
A healthcare centre will be developed at a Bell Street, Coburg, site, near the border with Pascoe Vale South, after a 15 year pre-commitment.
The incoming operator, an experienced General Practitioner, is paying just over $500 per square metre, per annum, for the ground floor space at #324.
Licenced to operate 24 hours and with 24 car parks, construction will begin this year.
There is 540 sqm left to fill on the first floor, CBRE agents Sandro Peluso and Kai Wang, said.
This space could accommodate a medical centre business, day procedure centre, outpatient facility, general consulting and wellness, they added.
Three major hospitals are within three kilometres, according to the executives: John Fawkner, Brunswick Private and the Dorset Rehabilitation Centre.
Supply failing demand: agent
Exposed to Gordon and Brunswick streets, Mr Peluso said there is the chance to brand the building.
“With construction costs rising by over 40 per cent in the past five years, we’ve seen a significant slowdown in new medical centre developments,” he added.
“The developer of 324 Bell St is in a unique position with funding ready to proceed as soon as the operator was secured,” according to the executive.
The agent added supply is short in Coburg and surrounds, where several major high-density developments have been taking shape, amongst them, at the Pentridge site – also on Bell St.
Apartments are also set for the ex-Coburg High School site across the road from there.
“This facility is set to play a vital role in addressing that gap offering a comprehensive range of services including GP consultations, specialist care and diagnostic testing,” he said.
“A key drawcard was the 24/7 operating permit enabling the incoming GP to fully capitalise on Coburg’s rapid growth,” he added.
“The suburb has the highest proportion of 30-35 year olds in the City of Merri-bek”, according to the executive – at 18pc.
“Coburg’s median house price has also surged over 90pc in the past decade”.
The site is near an amalgamation Merri-bek council bought in 2023 with plans for a mixed-use commercial based complex with underground car parking.
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