Ronald McDonald House Charities buys Melbourne apartment block
EXCLUSIVE
McDonald’s has dug deep for an apartment block to expand a Ronald McDonald House about to turn 40.
The nondescript, refreshed 1970s complex over three levels at 42-48 Gatehouse Street, Parkville, cost a speculated $8.25 million following an expressions of interest campaign launched August.
On the north east corner of Story St, the asset will complement a Ronald McDonald House on the south east side of the road.
The charity arm, which provides accommodation for families of patients at the nearby Royal Children’s Hospital, has operated out of that property, actually a row of terraces between 22-34 Gatehouse St, starting 1986.
There is also a Ronald McDonald House at Fitzroy North and family rooms at Clayton’s Monash Children’s Hospital and the Joan Kirner Women’s & Children’s Hospital in St Albans.
Pricey one bedders
The vendor of the Parkville property, known as 44 Gatehouse St, paid $5.21m in mid-2022 pricing each of the then recently updated one bedroom units at c$347,300.
By comparison, Ronald McDonald House Charities is paying $550,000.
The group outmuscled investors – the property could return over $550,000 per annum rent, Cushman & Wakefield marketing agents, Joe Kairouz, Oliver Hay and Hamish Burgess, said, upon listing (continues below).
Being strata titled, the dwellings could also be easily sold down individually for a profit, they added.
On 731 sqm zoned Neighbourhood Residential, preventing anything much taller, the site contains seven open air car parks.
Parkville is about three kilometres north of Melbourne’s CBD.
The deal comes a fortnight since we reported McDonald’s was opening a Puckle St, Moonee Ponds, store, after a three decade hiatus.
That property is rented.
The group is also a significant owner occupier – in 2018 buying a Cranbourne East town centre site, slicing a corner for itself before divesting the balance five years later for a major profit.
It did something similar in Ringwood, in 2009, with a 1.68ha ex-Patterson Cheney car yard.
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