Australian Unity Sells Prahran Medical Centre For $18.7 Million

AFTER retaining it for five years, the Australian Unity Investments’ Healthcare Property Trust has sold an inner-city medical complex in a prime residential area to a syndicate of private investors.

The Victoria House Medical Centre and Victoria Clinic complexes at 314 – 324 Malvern Road in Prahran (pictured, right) sold for $18.7 million, reflecting a yield of 8.3 per cent based on the asset’s annual rental income of $1.55 million.

Australian Unity paid $17.53 million for the Residential 1 zoned asset in 2006, on a yield of 7.8 per cent.

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