Peter Spargo lists final piece of mixed use project
Peter Spargo has listed the final piece of a mixed use commercial project in Melbourne’s north.
Mickleham Medical, completed last year at 9-33 Errol Boulevard, forms part of a complex facing busy Donnybrook Road, also with retail.
It returns $1.2 million per annum from eight tenants.
With 3297 square metres over three levels, gym, Genesis, controlled by Belgravia Health and Leisure Group, Medical Select and Northside Imaging are amongst the occupiers.
A separate single storey building is used as a swim school.
There are also 151 car parks.
The 2500 sqm is zoned Urban Growth allowing further development.
CBRE’s Marcello Caspani-Muto, Sandro Peluso and Jimmy Tat with Jones Real Estate’s Paul Jones and Tim Spargo are the agents.
The listing comes five months since we reported the Liberman family backed Monark Property Partners outlaid $44m for a 15ha parcel in nearby Greenvale with plans for a c275-lot housing estate.
Sell down
The listing comes six years since Spargo Property Group divested the first part of the development – a convenience retail complex on the corner of Donnybrook Rd, for $7.1m.
From 2023, eight shops were sold-down.
Mickleham Medical, built at the northernmost edge of the block, is the final component.
Forming part of a commercial precinct in the Merrifield estate, it neighbours a childcare centre.
“Modern healthcare assets with diversified tenancy profiles of this level of quality are rare, particularly at a price point that appeals to private investors, institutional capital and syndicates,” Mr Peluso said.
“The improvements are high grade and the suburb’s growth trajectory is undeniable…it ticks all the boxes for long-term investment,” he added.
“While we’ve seen institutional grade assets come to market recently, many have exceed $35 million and in some cases, lacked the quality seen here,” according to the executive.
“Mickleham has rapidly emerged as one of Australia’s fastest growing suburbs with its population surging from just over 3000 in 2026 to more than 17,000 in 2021.
“This explosive growth is driven by significant residential development, infrastructure investment and its strategic location just 32 kilometres north of Melbourne’s CBD.
“With continued expansion forecast over the coming decade, Mickleham is firmly positioned as a key growth corridor, making it an ideal location for long term healthcare and social investment”.
Oreana recently also started building a $75m town centre in the suburb.
A former Melbourne Football Club vice president, Mr Spargo has diversified business interests. In construction he is behind some 10 freeway components and numerous service stations for, amongst others, 7-Eleven, BP, Caltex and United Petroleum.
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