Cabrini Health is selling a vacant palliative care hospital in leafy Prahran East to boutique Sydney developer Abadeen.
The 2197 square metre holding at 616-646 High Street, on the south east corner of Airlie Avenue, is speculated to be trading for about $13.5 million – 35 per cent over guide.
Up to five floors over a multi-level basement could be considered, replacing the Windemere Hospital, established in 1938 by Edith Hughes-Jones.
Cabrini paid the Windemere Foundation $1.5m in 1998.
Functions undertaken there were recently relocated to the group’s Cabrini Malvern hospital on Wattletree Road.
Sydney builder comes to Prahran
JLL’s Josh Rutman, Jesse Radisich, Mark Stafford and MingXuan Li said 17 offers came in for 616-646 High St following an expressions of interest campaign closing mid last month (story continues below).
As well as residential builders, the agents targeted commercial and essential services developers and investors – the property being between in the same suburb as hospitals The Avenue and Alfred, and near Cabrini Malvern.
Abadeen’s book includes townhouses and mid to high rise apartment complexes in Sydney at, amongst many others, Cremorne, Neutral Bay and Mosman.
In New South Wales’ Hunter region meanwhile, it is behind the Gillieston Valley Estate, with standalone homes.
The company also completed a nine level residential building in Brisbane’s Spring Hill.
The Prahran East sale comes three years since Cabrini sold a 1970s, three storey block of flats in Glen Iris to an investor.
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