Nicole Chow sells Leukaemia Foundation HQ in North Melbourne

Nicole Chow’s UAG Group has sold a strata titled medical centre, part of a high-end mixed-use complex with apartments known as 33 Flemington Road, North Melbourne (pictured, top).

The 590 square metre space is configured as five tenancies – one being leased as The Leukaemia Foundation’s Victorian headquarters.

The investment is trading to a local for about $5.5 million following a private sale campaign managed by CBRE’s Josh Twelftree, Jimmy Tat, Sandro Peluso and Lewis Tong.

Ms Chow said “we are delighted with this result, which demonstrates the resilience of well-located properties, which continue to perform even in challenging markets”.

Nicole Chow established UAG in 1993 after arriving in Melbourne from Singapore.

The fully leased medical complex known as 1/33 Flemington Road is in Melbourne’s hospital precinct opposite the Royal Children’s, Royal Women’s, Royal Melbourne and the Peter McCallum Cancer Centre.

Mr Tat said prospective purchasers were attracted to the region’s demographic trends and access to surrounding healthcare and educational amenity.

The University of Melbourne’s Parkville campus, and buildings occupied by the Royal Melbourne Institute of Technology, are in the vicinity.

Trinity College recently leased 9500 sqm of a proposed 20,000 sqm office earmarked to replace the Melbourne City Toyota site at nearby 611-681 Elizabeth Street.

The Kensington property Vision Australia sold to UAG last August.

Last September we reported that a 231 sqm site, 61-63 Flemington Road, North Melbourne, was the subject of a 12-storey hotel planning application.

VincentCare Victoria also sold a development site in this pocket eight months ago: 68-74A Chapman Street, North Melbourne, traded for about $11 million.

Sale proceeds will be tipped into a high-rise apartment complex and resource centre VincentCare Victoria is building at 179-191 Flemington Road, North Melbourne.

Last August, UAG paid Vision Australia about $30 million for an 8803 sqm site at the north-west corner of Macaulay and Stubbs streets, Kensington. A building onsite, purpose-built for TNT Logistics in 1998, will be demolished to make way for an apartment project.

UAG spent $22 million in 2012 on the development site then-known as 19-35 Flemington Road.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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