A medical centre investment within Clayton’s Monash Specialist Centre has sold off-market for $4.465 million.
The deal for 1-3, 212-220 Clayton Road (pictured), was struck on a 5.71 per cent passing yield.
The 529 square metre space is fully leased to MIA Radiology – a national tenant, also the largest provider of radiology and medical imaging in Victoria.
Monash Medical Centre, Monash Neurology, Monash House and the new Monash Children’s Hospital are in the immediate vicinity.
The Clayton train station, Clayton Road retail strip and the suburb’s Remembrance Gardens are a short walk away.
The agents said the yield is the lowest recorded for a Victorian strata medical property this calendar year.
“The sale price represents the continued demand from investors to secure medical offerings, which remain scarce in today’s investment market despite their popularity,” Mr Twelftree said. “The security associated with medical offerings remains unmatched, particularly when national or well-established tenants are involved.”
“The most important factor for investors, tenants and owner occupiers alike within the medical field is the property’s proximity to surrounding complimentary uses.
“This asset benefits from numerous medical specialist and allied health options within the immediate vicinity.”
Mr Peluso added that population growth continues to be a major driver for the medical sector.
“With the percentage of Australian residents aged 65+ set to reach 22 per cent by 2056, there is a high level of confidence that the demand for medical related services will continue to expand.
Monash Specialist Centre, at the south-east corner of Murray Street, contains more than 12 strata titled suites – some, like the investment CBRE just sold, which have been amalgamated to create larger tenancies.
In May, we reported that developer Nicole Chow sold a strata-titled 590 sqm space within a mixed-use building at 33 Flemington Road, North Melbourne – leased as the Leukaemia Foundation headquarters.
A month earlier, Perth developer Cedar Woods sold a 1520 sqm ground-floor strata-titled medical investment in Williams Landing for $8.2 million to Barwon Investment Partners.
This asset, 111 Overton Road, fully leased to Cornerstone Health, also contains 57 car parks.
Coincidentally CBRE also brokered the North Melbourne and Williams Landing deals.
Want to learn more about Melbourne’s healthcare sector. Read our first snapshot specific to the sector, published last month, here.