This article is from the Australian Property Journal archive
One of East Melbourne's best known and most prominent buildings will soon be reborn as one of Melbourne's major medical centres. 100 Victoria Parade, purchased by national development group Bamburgh Properties, in June for $14.25 million will undergo a massive refurbishment making it one of the areas foremost media centres.
The six level concrete building, constructed for the NAB by Jennings Industries back in 1987, is currently under lease to NAB until January 2005. It presently returns $1.58 million per annum.
100 Victoria Parade presently has a gross building area of 9,900 sqm approximately, with a lettable area of 7802 square metres.
According to Bamburgh Director, Colin Calder, the location of 100 Victoria Parade makes it ideal as a medical centre.
“We intend to fully refurbish the building and refit as a Medical Centre. It is intended that the lower floors will be used to house day surgeries, radiology and pathology clinics, medical research and similar medical uses,” Calder told propertyreview.com.au this week.
The three other floors will be fitted as medical consulting rooms, ranging from 32-60sqm to be sold on individual titles or leased. Pre-release marketing will be commencing early next year and completion is expected in early 2005.
Calder added that Bamburgh regard the location as strategic for medical use, being directly opposite St Vincents Hospital and adjacent to the Victorian Eye & Ear Hospital.
It is also within close proximity to most major hospitals including the Royal Childrens, Royal Melbourne, the Royal Women’s, Peter McCallum Cancer Institute, Freemasons Hospital, Mercy and Epworth to mention a few. Additional nearby medical facilities include the Royal Australasian College of Surgeons, The Royal Australian & New Zealand College of Obstetricians and Gynaecologists, the Royal Australian College of Medical Administrators and various other industry associations and teaching colleges.
The completed development will provide a new-look building with first class finishes similar to Bamburgh office developments in Sydney and Melbourne.
