Geelong Private Medical Centre sold again

The Geelong property contains 4937 square metres of area and 174 car parks.

A Chinese syndicate has sold the Geelong Private Medical Centre held for five years.

The four storey asset, 73-79 Little Ryrie Street, is, according to sources, trading to a Melbourne investor for just over $30 million, reflecting a sub 7.5 per cent market yield.

The vendor paid $17.8m – a 10pc return – to receivers representing banks which lent to Singapore’s International Healthway Corporation, nowadays known as OUE Lippo Healthcare.

The property was unsuccessfully offered for public sale in May, 2020, with a $30m-plus guide.

Geelong Private Medical Centre

Developed in 2010, Geelong Private Medical Centre contains 4937 square metres leased to, amongst other groups, Healthscope and Monash IVF.

An air bridge on the third floor connects the building to Geelong Private Hospital (story continues below).

A basement contains 174 car parks.

The Commercial 1 zoned site spreads 2751 sqm.

IHC paid $28m for the asset in 2014.

It was one of three Victorian properties receivers sold in 2017 – the other two, St Kilda Road offices, collected a combined $117.75m.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of