Colliers announce the successful transaction of 10 Atkins Street, North Bendigo, on behalf of Morrison, following a highly competitive  Expression of Interest campaign. 

The fully leased long WALE asset has been sold to an undisclosed social infrastructure investor, after  having attracted a diversified profile of buyers. 

Rob Joyes, Colliers' State Chief Executive | Victoria, said, "The purpose-built residential healthcare  complex, specifically designed to accommodate essential workers from Bendigo Hospital, attracted a  diverse profile of buyers, including private investors, listed residential funds, listed healthcare funds,  listed social infrastructure funds, and high-profile syndicators." 

The asset comprises 120 well-maintained apartments across eleven three-storey buildings and is  fully leased to Bendigo Health Care Group until March 2044. The secure lease term of 19.46 years  was appealing for several bidding parties.  

As a State Government entity, Bendigo Health Care Group manages the primary public sector  functions of Bendigo Hospital, providing the asset with a robust AA-rated State Government  covenant and a stabilised Triple Net long-term income stream. The passing yield for this transaction  was 6.2%, highlighting the property's strong investment potential. 

"The property is strategically located just 500 metres from Bendigo Hospital, the main public  hospital for Bendigo and the primary healthcare asset for the Lodden Malle Region, which includes  Mildura, Echuca, Swan Hill, Kyneton, and Castlemaine," added Mr Joyes.  

Bendigo, located in north-central Victoria, approximately 150 kilometres northwest of Melbourne,  has evolved into a thriving regional city with a population of over 124,000 as of 2023. The town  boasts a blend of historical architecture and modern amenities, making it an attractive destination  for both residents and visitors. 

Travis Hurst, Colliers Managing Director for Ballarat, Geelong, and Bendigo, commented, "Bendigo,  Victoria's third-largest key regional hub, continues to attract strong residential demand due to its  appealing lifestyle, affordability compared to Melbourne, and well-developed infrastructure and strong regional economy. The city's diverse community includes a mix of first-time homebuyers,  families, and retirees, all drawn to the area for its balance of urban amenities and relaxed lifestyle  options." 

The Greater Bendigo region encompasses several smaller towns and offers various cultural,  recreational, and educational opportunities. The area's strong economic base is supported by  healthcare, education, manufacturing, and tourism sectors. With its strategic location, Bendigo  continues to experience steady population growth and development. 

"Bendigo has several future developments planned to accommodate its growing population and  enhance its infrastructure. The City of Greater Bendigo has adopted a Managed Growth Strategy to  guide residential growth over the next 30 years. This strategy aims to provide clear guidance on  housing growth, focusing on directing more housing to areas close to existing services, community  infrastructure, transport, and job opportunities," said Mr Hurst.  

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