This article is from the Australian Property Journal archive
A MALAYSIAN investor has splashed out $3.55 million to secure a St Kilda medical clinic site with a permit for an apartment project.
The 1,003sqm 18 Mitford Street property attracted local and international interest, Malaysian, Australian and Chinese parties among the under bidders.
It sold at an apartment rate of $295,833 per apartment, with an existing planning permit for 12 dwellings.
The transaction came with the option of a sale and leaseback deal to Star Health Group reflecting a 5% net yield on the purchase price. The group operates a medical clinic from the site.
It has a 91.44m triple street frontage and is located close to St Kilda Botanical Gardens.
Knight Frank’s Stephen Kelly, Andrew Greenway and Paul Pellegrino sold the property.
Australian Property Journal
