Glen Waverley medical centre sells for $5.5 million-plus

A central Glen Waverley medical centre with development upside has sold for a price speculated to be well in excess of its $5.5 million guide.

Waverley Medical Centre, on a 1504 square metre plot at 242-244 Springvale Road, traded four days after Ray White Commercial Glen Waverley closed an expressions of interest campaign.

The property has high underlying land value – 250 metres from the Glen Waverley train station and opposite The Glen shopping centre – within a pocket of Glen Waverley which could make way for a four-storey structure.

A 613 sqm building, licensed for six medical practitioners is surrounded by a 22-bay car park.

About 19 kilometres south east of the Melbourne CBD, Waverley Medical Centre has operated at the site for 30 years.

An aerial image showing the site (outlined) in relation to major buildings recently developed in Glen Waverley, about 19 kilometres south-east of the Melbourne CBD.

The occupier is currently into a five-year lease expiring in 2022: the current annual rental return is $297,052, with 3 per cent annual increases.

As well as investors, brokers Ryan Trickey and Bens Ainsworth marketed 242-244 Springvale Road to land bankers and developers.

Last July, Jeff Xu’s Golden Age Group and Vicinity Centres launched plans for Australia’s largest air-rights development: a $450 million mixed-use but apartment-based village atop The Glen shopping centre.

Nine months ago we reported that fund manager EG outlaid $33.3 million for a low-rise industrial property on a 3.1 hectare site less than a kilometre away from the Glen Waverley train station.

EG said this site has “significant potential” to be re-positioned, possibly for residential use.

Last week we reported that Victoria’s most substantial medical opportunity in four years hit the market: Dr Leon Shapero can expect more than $20 million for Cranbourne Health, a low-rise facility on another large corner site with development upside, being marketed by CBRE.

Dr Leon Shapero is selling the Cranbourne Health complex, as we reported in this item.

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Marc Pallisco

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