Caroline Springs medical site just what the doctor ordered

A Caroline Springs medical supersite expected to sell for more than $11 million has caught the eye of savvy overseas investors.

The medical centre sprawls on an impressive 3135sq m corner block at 224-226 Caroline Springs Blvd and 228-232 Caroline Springs Blvd.

CBRE’s Sandro Peluso says the property in the heart of town has been well received by Asian investors and medical groups.

Commercial Insights: Subscribe to receive the latest news and updates

“This is a great opportunity to secure an impressive corner landholding in a major growth corridor in Melbourne’s northwest,” he says.

The property is set to benefit from residential growth in the area, with median house prices increasing by about 27% since 2015 and rising from $480,000 to $610,000, he says.

The supersite contains a general practice medical centre, physiotherapist, dentist, radiologist, cardiologist and the Djerriwarrh Community Health Service.

In a blue-chip location, it backs on to the car park that services Caroline Springs Central Square with 60 specialty retailers including ALDI, Coles and Target. The Quest apartments building is across the road.

224-232 Caroline Springs Blvd, Caroline Springs,has 42 car parks.

“It is rubbing shoulders with two big shopping centres that attract 3.7 million visitors a year,” Peluso says.

As the property is in a comprehensive development zone with a height limit of about seven storeys, it is attracting investors wanting to land bank and develop in the future.

The centre’s 100% occupancy rate and income stream of $655,189 a year from the six tenants is also drawing buyers.

“So far, buyer interest is more than $11 million,” Peluso says.

Peluso points to a medical centre in Victor Cres, Narre Warren, that sold for about $12 million late last year to an offshore investor.

“These investors are heavily attracted to premium properties in prime locations, modern improvements, blue-chip tenants and a return profile,” he says.

“The benefit of significant future development is an upside.”

Expressions of interest close August 15 at 2.30pm.

This article from Leader Newspapers originally appeared as “Overseas investors eye Caroline Springs $11m medical supersite”.