Steller receivers sell Parkdale hospital to tenant for $10.2 million

EXCLUSIVE

In an unusual deal, Calvary Health Care Bethlehem has snapped up a Parkdale hospital it only recently agreed to rent temporarily.

The healthcare service and accommodation provider is paying $10.2 million for 152 Como Parade West, about 20 kilometres south of the Melbourne CBD.

Formerly owner occupied by Healthscope, which was the client selling agency CBRE dealt with, the site was listed for sale late last year by KordaMentha, as receiver for developer Steller, which went into receivership in July.

Steller acquired it for about $11 million 11 months before it collapsed.

The developer intended to build a 120 bed high-rise aged care facility on the 4765 square metre parcel near Parkdale’s retail precinct, train station and beach.

Instead it was rented on a short-term basis to Calvary which has occupied it as a palliative care unit.

Calvary moved to Parkdale after winning approval to replace its Caulfield South hospital with a health and retirement precinct set to contain 10-storey buildings – a project under construction.

A high rise redevelopment at Parkdale, like that proposed by Steller, might be on Calvary’s radar, now, too.

CBRE Healthcare and Social Infrastructure director Josh Twelftree said most interest for 152 Como Parade West came from owner occupiers or investors which intended to rent the premises out to a medical services provider.

The hospital is configured with 18 single rooms and seven double rooms containing a total of 32 beds.

It also includes areas configured as a diversional therapy gym, consulting suites, offices and physiotherapy treatment rooms.

Several large developers showed an interest too, the broker added – the site having the potential to make way for a substantial mixed use project with apartments.

Mr Twelftree marketed the property with colleagues Julian White, Dylan Kilner and Jimmy Tat.

Magree Property Advisory’s Dan Magree was the transaction manager.

Steller sell-down is continuing into the new year

Yesterday we reported that a former caravan park in Rosebud, which Steller agreed to buy three years ago but never settled on, sold to Tyabb-based Piermont Group as a townhouse development site for $6.4 million.

Late last year a 22.3 hectare farm also in Rosebud sold for $4.65 million.

Steller paid $7 million for that site – a possible long term low rise housing estate – in 2017.

KordaMentha in November banked $6.25 million from the ex Greyhound Hotel site in St Kilda – which cost Steller $7.5 million just over two years earlier.

Last month a 2442 sqm development site on which Steller had began constructing a four level apartment building, at 259-263 Neerim Road, Carnegie (pictured, bottom), sold.

A Caulfield South childcare centre under construction also traded – for $4.71 million, while a Cheltenham row of shops with development upside is under offer.

A Preston site at 22 Wood Street which Steller acquired for $13.7 million in mid-2017, is being marketed as a Mortgagee Sale.

A permit-ready block in inner east Richmond was also listed recently, by receiver McGrathNicol.

Castran recently sold 259-263 Neerim Road, Carnegie (shaded), once controlled by Steller.

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Marc Pallisco

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

Marc Pallisco