Clifton Hill retail asset sells on third attempt

The site (outlined) is about four kilometres north east of the Melbourne CBD.

Another Clifton Hill retail investment has sold after the third attempt.

The medical professional which previously owner-occupied 105 Queens Parade reaped $3 million.

CBRE’s Sandro Peluso, Marcello Caspani-Muto and Josh Twelftree launched a private sale campaign for the vacant property last Boxing Day.

The double storey standalone facility with 379 sqm of area failed to sell via different agencies since 2018 – a more depressed time in local property sectors.

It had been auctioned twice and was the subject of an expressions of interest campaign.

The sale of 105 Queens Parade comes six months after ex-Swisse Wellness executive Michael Saba offloaded a former hardware store at #15-33 – also after two unsuccessful recent attempts with different agencies.

Marketed widely, but only healthcare buyers looked in

On a 530 sqm Commercial 1 zoned block with rear laneway access, developers were expected to show an interest in 105 Queens Parade.

However, the latest campaign strongly spruiked the property’s healthcare-friendly attributes – in particular a permit allowing for eight practitioners and a large customer car park.

In the end, it sold to an owner occupier in the healthcare and social infrastructure sector.

“Despite the level of work required to uplift the facility, the inclusions of a medical permit for eight practitioners held substantial value for a number of known owner-occupiers – to get a permit this substantial, with minimal parking, is almost unheard of in recent times,” Mr Caspani-Muto said.

Mr Peluso added that “multiple offers” were received.

All investors planned to retain at last part of the building for medical purposes.

“Being so close to the CBD, the asset was positioned in a medial hotspot with a number of complimentary services on either side of Queens Parade,” the executive added.

The TLC Clifton Views complex – a landmark vertical aged care community – is up the street at 217-241 Queens Parade, Clifton Hill.

Elsewhere in the suburb, four kilometres north east of the Melbourne CBD, Salta Properties and Wolf Capital recently unveiled a 14-level apartment complex, 249Q, at 249-265 Queens Parade.

This proposed building will rise near Goldfield Group’s recently completed 11-storey Patch residential complex.

The 530 square metre Commercial 1 zoned block is configured with a car park.
The double storey building (centre-left) contains 379 square metres of area over two floors.
Internally, the building retains many original fixtures and fittings.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco