Receivers sell central Geelong medical centre for $20m

Receivers for the bank that financed Singapore’s International Healthway Corporation’s $28 million purchase of the Geelong Private Medical Centre three years ago have sold the regional property for a speculated $20 million.


The 73-79 Little Ryrie Street holding has the potential to return annual rent of $2.1 million and would therefore be exchanging on a high market yield of more than 10 per cent.

Seven years old, the facility with 4937 square metres of lettable area across four floors, has Australia’s second-largest private hospital operator, the ASX-listed Healthscope, as its major occupier.

Also with a ground-floor cafe and 156-bay basement car park, the complex includes an air bridge on the third floor connected to Geelong Private Hospital.

At about the same time IHC purchased the medical centre, it acquired two St Kilda Road office investments, at No.553 (for $45 million) and No.541 ($35.75 million).

Those assets were sold late last year by KordaMentha, representing Westpac, for a substantial premium to their combined $89.8 million book value. Milemaker Petroleum founder Nick Andrianakos paid $70 million for the former building (he had recently finalised the sale of his business to Caltex for $95 million). Fund manager Bayley Stuart spent $47.75 million on 541 St Kilda Road.

KPMG is the receiver for the Geelong asset, representing the National Australia Bank, which reportedly holds a $16.5 million loan against it.

KPMG appointed CBRE’s Victorian Health, Aged and Child Care division. Five agents – Sandro Peluso, Kiran Pillai, Scott Orchard, Josh Twelftree and Julian White – declined to comment about the campaign, launched late last year.

Piedimontes sell Campbellfield factory

Members of Melbourne’s Piedimonte family have sold a Campbellfield factory for about $4.5 million.

The 8982 sq m building on a 2.2-hectare parcel off Sydney Road was offered with a lease to the long-time occupant, Coreco Fine Foods, returning $430,000 per annum.

The 29-31 Glenbarry Road holding was one of several held in a portfolio by the the Piedimontes, who are renowned for their supermarkets and specialist delis.

In 2014 the family sold the then-100-year-old Ernest Hillier chocolate brand to UK-based Re:Capital – an investment arm of restructuring company Hilco Capital.

Beller Commercial’s Fred Nucara declined to comment about the Campbellfield campaign.

Swisse millionaire’s sweet Clifton Hill deal

Michael Saba – an investor in the Swisse Vitamins company, which was sold to Chinese company Biostime International for $1.67 billion in 2015 – has purchased another Melbourne retail asset for close to $7 million.

At 15-33 Queens Parade, near the corner of Smith Street, the 1540 sq m parcel includes a 1200 sq m former warehouse, which was for years occupied by a Thrifty hardware store.

The land is zoned Commercial 2, which does not allow for any residential redevelopment. Instead, the site – about three kilometres north of the CBD – may become a boutique chocolate shop.

CBRE’s David Minty, Scott Orchard and Julian White marketed the site, about 700m from the Clifton Hill train station.

The holding is not far from 26-56 Queens Parade, which developer Tim Gurner is controversially attempting to replace with a 16-level high-density apartment complex.

Last year Mr Saba paid the family of late chemist Frank Montegano $3.96 million for 365 Lygon Street, Carlton.

Hallam attracts owner-occupier

HVAC Management Services, a major Melbourne-based refrigeration and airconditioning business, plans to owner-occupy a double-storey industrial facility it is purchasing for a speculated $4 million.

Marketed with vacant possession, 59-65 Wedgewood Road, Hallam, includes an office, warehouse, sunken loading docks and five container-height, on-grade roller doors.

Savills’ Kosta Filinis and David Kalb declined to comment on their deal. The sale is the latest in a string to cashed-up owner-occupiers who can capitalise on the low interest rate environment, avoid rent and potentially pocket a capital gain.

The Hallam vendors paid $2.18 million for the asset in 2005.

Enormous blue-chip Canterbury site re-offered

The Canterbury local who nine months ago paid aged care investor John Matthies $5.61 million for one of that suburb’s largest development sites has relisted it.

The 3765 sq m parcel at 14 Balwyn Road, near the Canterbury train station, includes a historic Arthur Plaisted-designed Tudor-revival home and open-air car park.

For years before Mr Matthies’ sale, the extended mansion acted as an aged care community.

In a tree-lined street, the property is being marketed with a development scheme allowing for a higher-density aged care complex. Sources speculate the site could fetch more than $7 million this time – a consequence of the boom-like conditions some parts of Melbourne’s residential market underwent in the second half of last year.

Sandro Peluso, Josh Twelftree and Lewis Tong, of CBRE’s Victorian Health, Aged and Child Care division, are representing the vendor.

Deluca to preserve theatre building

Local developer DPG Group, headed by Antony Deluca, is paying a speculated price of almost $8 million for Collingwood’s former Austral Picture Theatre, on a 1363 sq m plot.

Developed in 1921, the three-storey building at 200-202 Johnston Street was offloaded by interests associated with the Mr Carpets Floorworld business, who have long owner-occupied the building (also previously known as the Austral Theatre) as a showroom.

According to a City of Yarra heritage study, Austral’s first owner was Robert McLeish, who was also connected to Hawthorn East’s Rivoli theatre.

The Collingwood playhouse was designed in a Greek revival style and includes a steeped parapet and Victory wreaths on flanking pylon forms. The study noted it “has local social and historical significance as a former long-term public building”.

DPG Group is headquartered at a Collingwood office around the corner on Wellington Street.

In what is sure to be welcome news to heritage advocates, Mr Deluca said his company “will definitely” keep “the beautiful” cinema facade – pointing to another development, Oban South Yarra, which utilised airspace above a 1914 building.

Agent Brett Simpson of Vision marketed the Collingwood property.

In other heritage building news this week, the three Malaysian investors who last year paid Yooralla $23.8 million for the historic 244-248 Flinders Street site – once the Snows Department Store – have applied to raze it for a 13-storey hotel.

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