Peter Mac Hospital, East Melbourne, May be Sold

Developer sources expect the current Peter Mac site to make way for a major residential project, which would offer unobstructed views of the Fitzroy Gardens and the Melbourne Cricket Ground, St Patrick’s Cathedral and the CBD.

In the current property environment – which is effectively void of institutional developers – the site could sell for about $45 million sources say. The property is on the corner of Lansdowne Street, St Andrews Place and Cathedral Place.

Late last year, the State Government announced it would contribute to the demolition costs of the former Dental Hospital site in Grattan Street Parkville.

The former Dental Hospital property is earmarked for a new $150 million Comprehensive Cancer Centre, which is expected to become the new home of Peter Mac. The new centre is a joint venture between Peter Mac, the Royal Melbourne and Women’s hospitals, the University of Melbourne, and the Ludwig and Walter and Eliza Hall research institutes.

A Peter Mac spokeswoman declined to speculate on when its outgoing property could be sold.

Peter Mac’s East Melbourne property would be the second major hospital to sell around the Fitzroy Gardens in recent years.

In 2005, Salta Properties purchased a piece of the former Mercy Hospital in Clarendon Street East Melbourne from the Sisters of Mercy for a price believed to be about $40 million.

It has since developed the hospital into luxury apartments.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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