This article is from the Australian Property Journal archive
THE former Como Private Hospital in the tightly held Melbourne Bayside suburb of Parkdale has sold to local developer Lowe Living, despite difficult planning controls.
152 Como Parade in Parkdale, around 23km south-east of the CBD, spans 4,765sqm and is occupied by an existing 3,500sqm building with a short-term holding income of $528,000 per annum.
Julian Heatherich, James Latos and Benson Zhou from Savills managed the deal via an expressions of interest campaign, which was expected to bring in upwards of $9 million.
“The property posed unique challenges due to its restrictive planning controls, presenting a rare opportunity for discerning developers,” said Heatherich, state director of CBD and metropolitan sales at Savills.
“Despite these hurdles, its substantial landholding and short-term holding income in a desirable Bayside location made it an attractive proposition to the buyers.”
The site’s prime location finds it sitting within walking distance to the beach, train station and educational institutions.
“We are thrilled to have facilitated the sale of the former Como Private Hospital on behalf of our valued clients,” said James Latos, associate director of CBD and metropolitan sales at Savills.
“The high level of interest the campaign attracted reflects the demand from numerous groups with active capital seeking similar opportunities.”
Lowe Living plans to develop luxury apartments on the site, with the acquisition marking the Sandringham-based developers third project in the suburb.
With Parkdale developments including the 2023-launched Topaz and the newly launched Kallara House project.
Lowe Living currently has a $500 million development pipeline and a $110 million construction pipeline.
