This article is from the Australian Property Journal archive
A LOCAL private family has snapped up the Manningham Medical Centre in eastern Melbourne for $45 million, touted by the agents the largest sale of its kind in Australia since 2021.
Located at 200 High Street in Templestowe Lower, the strata-titled 5,000 sqm, six-storey centre has a gross passing income of $2,900,000 from a mix of anchor tenancies including a general practice, Nexus Day Hospitals, Sonic Healthcare and Capital Radiology.
CBRE’s Australian Healthcare & Social Infrastructure team of Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat brokered the strata sale, reflecting a passing yield of circa 6.4%.
The medical centre was completed in the early 2000s and has since undergone refurbishment with tenancy expansions and new fit-outs.
Peluso said the Victorian healthcare investment market has been starved of high-quality opportunities for a number of years.
“There are several established intuitional level buyers across the healthcare market, however, the number of traditional core funds now transitioning toward social infrastructure real estate should not be underestimated both domestically and internationally.”
Tat said the volume of private money in the market is “as significant as what we have seen from international buyers”, and said the team is assisting “several traditional REITs across Singapore and Japan with their due diligence into Australian social infrastructure-related investments”.
“A number of these groups have started competing in our sales campaigns and we expect this to increase further as we enter 2024.”
Global wealth manager Real Asset Management and Singaporean sovereign wealth fund GIC have just announced a joint venture fund that will target $1 billion of Australian healthcare real estate assets.
It becomes the latest in a string of fund managers that have launched new healthcare real estate platforms as the sector rides a wave of favourable demographic trends including an ageing and growing population.
Kodramentha’s funds management arm recently snapped up Epping Private Hospital and Medical Centre in Melbourne’s north for $76 million, from a syndicate headed by Canada’s Northwest Healthcare Properties.
