A new premium healthcare facility for sale to fetch circa $7m in the heart of Springvale one of Melbourne’s key business and leisure districts, touted as the next satellite CBD. CBRE Healthcare & Social Infrastructure team of Josh Twelftree, Jimmy Tat, Sandro Peluso and Marcello Caspani-Muto have been appointed. 

The property at 4 St Johns Avenue is being sold by a private developer and it benefits from a new, high-quality design and multiple tenancy options over four levels.

The first and second level (medical use) totals 732sqm of lettable area, with the third level (a penthouse apartment) offering 360-degree views and 180sqm of high-class living.

The property is being sold with Vacant Possession and holds a permit approved for six practitioners with parking for 21 open-air spaces.

CBRE’s Healthcare & Social Infrastructure team – of Josh Twelftree, Jimmy Tat, Sandro Peluso and Marcello Caspani-Muto – has been appointed to negotiate the sale.

Mr Tat said interest was expected from national healthcare groups, given the property holding a permit for over five medical practitioners.

“Groups looking to set up a medical centre with a range of services require, at a minimum, a permit for five practitioners, as anything less than this makes it hard to run a feasible business from the property,” Mr Tat continued.

“We expect incoming investors will be looking to capitalise on the strong performance of the healthcare leasing market.”

Mr Peluso added that they had received interest from national groups, within the sector, looking for locations with strong population growth and high foot traffic.

“In addition, areas like Springvale where there is a high population over 65 years – this age profile uses medical centres 10 times per year on average, whilst those aged below use it 5.5 times per year,” he said.

Located opposite the Springvale Shopping Centre on a landholding zoned Residential Growth, the area’s median house price has grown a staggering 510% in the past two decades.

The property is being sold via an Expressions of Interest campaign, commencing 15 January, 2021.