Market Insights

17.04.2019

First Victorian hospital sale of the year fueled by upcoming election

A private investor has listed Chesterville Day Hospital in Melbourne’s Cheltenham for sale, piquing the interest of healthcare investors looking to secure an established hospital asset.

CBRE agents Josh Twelftree, Sandro Peluso and Jimmy Tat have been exclusively appointed to negotiate the sale, which represents the first Melbourne hospital to hit the public market this year, following the team’s sale of the former Cotham Private Hospital in Kew in 2018.

Mr Twelftree noted that healthcare would be a big winner in the upcoming Federal election if Labor was elected, influencing investor demand in the sector.

“We should start to see more private health facility users, with Labor’s pledge to cap private health insurance premium rises to no more than 2% per annum over the next two years – driving investor demand for assets like Cheltenham,” Mr Twelftree said.

The 1,172sqm Chesterville Day Hospital site is General Residential zoned and is approved for multiple medical practitioners. It also features a 551sqm building with a new fit out and 17 on-site car bays.

The established facility generates a net annual income of $282,487 per annum, plus outgoings and GST, and has recently been leased to Cura Day Hospitals Group on a ten-year term – with the option to extend for a further ten years.

The tenant is one of Australia’s leading providers of day hospital facilities, with 22 national locations. The group maintains modern, well-equipped facilities and employs a highly experienced management team.

Positioned directly opposite Westfield Southland Shopping Centre and within walking distance of Southland railway station, Chesterville Day Hospital benefits from exposure to over 6,400 vehicles per day.

Mr Peluso noted; “Investors will be attracted to the property’s recent and well-funded fit out, it’s convenient location and the security of a national tenant in Cura Day Hospitals Group.”

26-28 Chesterville Road will be up for auction at CBRE’s Premium Property Portfolio Auction on Thursday, June 6.

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