RCH reception centre sells for twice reserve

The property can accommodate 160 guests in several spaces.

The Royal Children’s Hospital has sold a west Melbourne reception centre for twice the guide.

The purpose-built venue at 25 Carrington Drive, Albion – a high-character pocket of Sunshine – is fully functional, able to cater for 160 people in several spaces, with a commercial kitchen, office and parking.

The Salvation Army this week sold a vacant former hostel at Footscray, not far from Albion.

It has a bar too.

The hospital offered it furnished as a “ready to go” hospitality venture, Teska Carson director George Takis said.

The agency was inundated with enquiry upon listing, he added.

Developers were prevalent, he said; the property occupies a 2014 square metre site.

The 408 sqm shell could also be refit as an office/warehouse, attracting investors and occupiers.

The sale price of $1.91 million was more than $1m over reserve – valuing each sqm of building at $4681.

Also this month, The Salvation Army sold the former Carinya Youth Hostel, in Footscray, for c$2m.

That unique property – a long-vacant red brick home adjoining a mini soccer court, will be retained as part of a commercial redevelopment (story continues below).

Commercial property interest “mirroring hot residential”: agent

Mr Takis said interest in Melbourne commercial property is presently mirroring “the hot residential market”.

The auction of 25 Carrington Dve, he added, was raucous, with five bidders.

An owner-occupier made the winning one, with revitalisation plans.

“I am extremely proud and honoured to serve the Royal Children’s Hospital Foundation and announce what is an exceptional result with the property effectively on the market after the first bid,” Mr Takis said.

“Albion may not ring a bell for property sales generally but savvy buyers and those looking to take advantage of very favourable borrowing conditions turned up in their droves and the Royal Children’s Hospital would no doubt be a very happy beneficiary, he added.

“The property obviously has enormous potential for a wide range of buyers including those who wished to continue the current use and those who wish to capitalise on the site’s generous proportions and easy access to a number of key arterial routes with a redevelopment.

“It also offered very good investment potential in a suburb…just 14 kilometres from Melbourne and experiencing increasing growth as evidenced by the numerous commercial and residential developments being undertaken”.

Former premier Steve Bracks has been lobbying to have Sunshine considered the capital of the city’s west. The Melbourne Airport Rail Link is also expected to stop at the suburb.

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Marc Pallisco

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

Marc Pallisco