Adelaide hospital wheeled onto market for $45m

Developers are expected to circle Adelaide’s Wakefield Hospital and Clinic, with the private CBD facility on the market with a big price tag.

Agents expect the hospital and its 8712sqm land parcel at 264-300 Wakefield St to sell for more than $45 million, either as a single site or four separate parcels.

The hospital, was opened in 1883, also includes an attached car park and bluestone villa, and is tipped to attracted interest from the medical, healthcare and retirement sectors, as well as residential, retail and mixed-use developers and investors.

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Colliers International’s Paul Van Reesema, Justin Hazell, Alistair Mackie and John Marasco have been appointed to sell the property.

Van Reesema says the hospital’s versatile ‘Capital City’ zoning boosts its appeal.

The site comprises nine separate titles.

“The property’s premier location, sheer magnitude, multiple street frontages, parcelling options, high quality and adaptable buildings, and favourable zoning combine to make this a truly exceptional opportunity,” he says.

“It marks one of South Australia’s most outstanding opportunities to secure a strategically placed asset, superbly located within the coveted eastern precinct of Adelaide’s CBD.”

The site comprises nine freehold titles, with the primary island site home to the hospital and clinic.

Other than the bluestone villa, all properties are leased to Calvary Health Care until at least mid-July, 2019.

“The eastern half of the main site comprises a high-quality four-storey contemporary medical clinic and basement carpark, which has been built in stages between 1990 and the early 2000s,” Mackie says.

The hospital is expected to sell for more than $45 million.

“A variety of specialist medical practitioners, general practitioners, medical imaging, clinical and allied health professionals currently occupy parts of the clinic improvements under subleases.”

Van Reesema wouldn’t rule out residential apartment developments on some parts of the site.

“High-rise apartment development is rapidly emerging, particularly in premium locations that are well suited for owner-occupiers such as this,” he says.

“The site has a prescribed height limit of up to 53 metres and planning advice indicating the potential for up to 67 metres, with appropriate setbacks from Hutt St.”

The hospital and clinic site is for sale via expressions of interest, which close on Thursday, October 19.