Cabrini Hospital is selling a block of flats in Glen Iris – the ritzy suburb also the centre of metropolitan Melbourne, when measured by population location.
The vendor can expect more than $3 million for 147 Tooronga Road, which it has occupied for nearly 50 years as short-stay accommodation for Missionary Sisters and families, and the relatives of travelling patients.
On a 728 square metre rectangle shaped site the property contains six flats: four configured with two bedrooms, the balance with three.
All include a courtyard or balcony.
Only two of them are rented.
According to Aston Commercial’s Liam Rafferty, who is marketing the property with colleague Fred Nucara, the investment has the potential to earn annual income of about $150,800 – more if the units were renovated.
The land also has development upside – however being zoned General Residential, any incoming builder could only propose two storeys.
Last May, local developer Samuel Property sold a 2123 sqm block with the same zoning at 1757-1767 Malvern Road, Glen Iris, for $7.5 million.
The High Street, Malvern retail strip – which is serviced by a tram – is about 350 metres away from 147 Tooronga Road.
Glen Iris is about 10 kilometres south east of the CBD.
A recent survey assessed that a hardware store at 15 Weir Street in the suburb was the population centre of metropolitan Melbourne.
An Ernest Hillier chocolate factory in Coburg North is the state population midpoint.