Wantirna South multi-service medical centre collects $5m

The Wantirna South facility is tenanted to five businesses.

Two healthcare investments near Knox Private Hospital, in Melbourne’s east, are changing hands.

In the biggest and most recent deal, a Hong Kong buyer is paying $5 million for a modern, four level medical centre at 169-171 Stud Road, Wantirna South, fit out for five businesses including a physiotherapist, dentist and lymphoedema clinic.

Also with 34 car parks it returns annual rent of $225,000.

The asset returns annual rent of $225,000.

The property occupies a 1530 square metre Urban Growth zoned site.

CBRE Healthcare and Social Infrastructure’s Sandro Peluso, Josh Twelftree, Marcello Caspani-Muto and Jimmy Tat added the asset had an “incredibly rare uncapped practitioner limit” and that the income could be more than doubled.

The sale comes three months after a local investor agreed to pay $4.32m for an audiology centre offered with a 10 year leaseback at nearby 230 Mountain Highway, Wantirna.

On 2039 sqm, that property includes a 378 sqm structure licensed for eight medical professionals (story continues below).

It is a couple of hundred metres from the Knox hospital, one of Victoria’s largest private sick bays.

Eastern Health’s Wantirna Health is also nearby.

Wantirna is about 24 kilometres from the city; Wantirna South a little further.

“We are seeing more investors gravitate towards healthcare as an asset class due to its relative security given our ageing population and the increasing demand for medical services nationally,” Mr Tat said.

“The reopening of the Victorian economy, coupled with the general stabilising of the wider Australian economy, is helping to reignite confidence in commercial real estate with many investors looking for premium location assets and strong lease covenants”.

The complex occupies a 1530 square metre Urban Growth zoned site.

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Marc Pallisco

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