Ken Biddick buys Cranbourne medical centre
Ken Biddick, the exclusive distributor and wholesaler of Converse in Australia and New Zealand, also a real estate investor and horse racing identity, has made another property play.
The Cranbourne Health facility in Cranbourne North is costing $23 million from Dr Leon Shapero, who is also a part occupier.
It has been extended a number of times and now contains 1400 square metres of lettable area over two floors.
On the corner of Woodbine and Thompsons roads, the 4137 sqm holding also includes 72 at-grade car parks.
Woolworths and Bunnings are in the immediate vicinity.
The property is within the City of Casey, a growth corridor expected to have a higher population than Canberra within decades.
Cranbourne North is about 15 kilometres from two major suburban activity centres: Dandenong and Frankston.
It is about 39km south east of Melbourne.
CBRE’s Health and Infrastructure’s Sandro Peluso, Josh Twelftree and Jimmy Tat represented Dr Shapero.
The agents said Cranbourne Health was the most valuable medical centre to be offered for sale in Victoria since 2015 (story continues below).
“The investment attracted interest from a variety of buyer types including individuals, syndicates and institutions,” according to Mr Peluso.
“As expected, prospective buyers from Victoria, interstate and overseas expressed an interest.
“With over 10 per cent of the population aged between zero and four, Cranbourne’s substantial younger demographic will require greater GP and specialist services in coming years”.
The deal is the latest for Mr Biddick this downturn.
In 2016, the businessman and his wife, Catherine, spent $32.1m on a Woolworths-leased supermarket in Brighton’s Church Street.
Seven years ago, the pair spent $9.25m on a strata retail space at the ground floor of the distinctive Manchester Unity building.
Also in 2011, the couple sold their renovated family home in Park Street, South Yarra, for $4.85m.
Four years ago Mr Biddick sold the city’s c1884 six-storey Newspaper House at 247 Collins St for $23.95m.
