Peter Mac East Melbourne Hospital Closer to Hitting Market

Peter Mac’s outgoing East Melbourne hospital is unique and attractive in that almost every block abutting it cannot be developed.

With a street address of St Andrews Place, the soon-to-be-redundant hospital overlooks Fitzroy Gardens to the east, historic State Parliament Offices to the south, and the St Patrick’s Cathedral to the north.

Also fronting Lansdowne Street and Cathedral Place, sources say Peter Mac’s East Melbourne site could fetch about $50 million, and would most likely be rebuilt as a luxury apartment project. Salta successfully developed part of the Sisters of Mercy site on Clarendon Street, East Melbourne into luxury flats.

It’s expected Peter Mac will sell the site either with a leaseback, or on a long-settlement, so that it can occupy the buildings while a new owner pushes through a new planning application and maybe even starts marketing. Sources speculate this could take a developer between two and three years.

A Peter Mac spokeswoman referred Capital Gain to a Victorian CCC website confirming some sites owned by members would be sold as part of the Carlton relocation, but would not comment specifically about the St Andrews Place hospital.

As well as Peter MacCallum, the Victorian CCC will represent Melbourne Health, the University of Melbourne cancer research and education functions, the Walter and Eliza Hall Institute of Medical Research, the Royal Women’s, Royal Children’s and the Parkville branch of the Ludwig Institute of Cancer Research.

Even from under the one roof, all groups will retain their identity and independence. But the initiative believes bringing together the country’s best cancer treatment, research and education “will drive the next generation of progress in the prevention, detection and treatment of cancer.”

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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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