This article is from the Australian Property Journal archive
UPWARDS of $9 million is expected for a former private hospital site in one of Melbourne’s most tightly-held bayside suburbs.
The former Como Hospital site, located at 152 Como Parade West in Parkdale spans 4,765 sqm of the land has a 3,500 sqm building leased until September 2024, offering short-term holding income of $528,000 per annum.
Savills Melbourne agents Julian Heatherich, James Latos and Benson Zhou have been appointed to sell the property.
“Market conditions over the past few years means we have seen a real flight to quality from active developers,” Heatherich said.
“Given the calibre of this property, the significant landholding and reputable tenant in place, we expect this fundamentally sound opportunity to be well received by the market.”
Expressions of interest close Wednesday, 20th September. Interest from residential developers and investors looking to repurpose the existing improvements is expected.
Latos said it is rare that a site of this scale is offered within the Bayside area.
“In addition to being walking distance to the beach, train station and shops the surrounding area is home to some of Melbourne’s best schools. The holding income whilst obtaining plans and permits is also advantageous.”
Parkdale is near Mentone Village, Mordialloc shopping strip and Westfield Southland. Parkdale and Mentone train stations are each near the site, as are major arterials providing direct access to Melbourne’s CBD.
