This article is from the Australian Property Journal archive
A PRIVATE investor has paid $9.3 million for a medical centre with a permit for 25 practitioners in Melbourne’s western growth suburb of Point Cook.
The corner landholding of 5,332 sqm at 1-11 Dunnings Road has combined frontages of 171.59 metres to Dunnings Road and Point Cook Road, and traded at a 4.89% yield, fully occupied by a wide range of medical tenants with a WALE of 6.3 years and passing income of $493,875 per annum.
CBRE’s Kinson Wong, Josh Twelftree and Sandro Peluso sold the property via an expressions of interest campaign that attracted 150 enquiries, from private investors to REITS.
Twelftree said healthcare assets are expected to remain highly desirable for buyers due to the limited investment opportunities and low stock turnover in the asset class.
The property was marketed as offering future redevelopment potential.
The City of Wyndham’s population is tipped to boom over the next 30 years, by as many as 377,000 people, boosting the need for medical and social services, with the wider area and Point Cook itself having attracted international interest for a string of mega-sized residential development transactions in recent years.
Chinese developer Dahua Group took three development sites in the suburb at the end of 2016 for around $360 million, with potential for around 3,000 housing lots. More recently, Zhong Cheng Ye Pty Ltd acquired a 14-hectare farm at 448 Point Cook Road for $27 million.
Australian Property Journal
