Property Development

Philanthropist Dr Leon Shapero lists Victoria’s most substantial healthcare offering in four years

Philanthropist Dr Leon Shapero lists Victoria's most substantial healthcare offering in four years
Written by The ReReport
As seen in the Source link, written by realestatesource.com.au on 2019-07-12 00:35:45

Dr Leon Shapero

Philanthropist Dr Leon Shapero (pictured, right) has listed a prominent super-clinic in Melbourne’s south-east growth corridor of Cranbourne North.

Cranbourne Health, at 2 Woodbine Road, is the most substantial healthcare offering to hit the Victorian market in four years, according to CBRE marketing agents Sandro Peluso, Josh Twelftree and Jimmy Tat.

It carries a price guide of more than $20 million.

With 4137 square metres of lettable area, the fully
leased investment returns a passing income of $1.3 million.

This will put the asset on the radar of several groups
seeking investment-grade properties – private parties, syndicates and
institutions, amongst them.

Investors with long-term vision to redevelop the site – presumably
with a multi-level medical centre, or a mixed-use complex containing retail and
offices, are also expected to show an interest.

At the north-east intersection of Thompsons Road, the
single-storey Cranbourne Health facility is opposite a full-line Woolworths supermarket
and Cranbourne’s enormous Bunnings outlet

The property is within cooee of the South Gippsland
Highway – connecting Cranbourne to Dandenong, the employment hub often touted
as Melbourne’s second city.

Another major activity centre, Frankston, is about 15
kilometres away.

The centre returns annual rent of $1.3 million and is expected to sell for more than $20 million.

Mr Peluso said that potential buyers would be looking at long-term development and re-positioning prospects, “given the site’s significant street exposure, surrounding amenity and the prediction that the City of Casey population would surpass Canberra’s within a few decades”.

“With over 10 per cent of the population aged between zero
and four, Cranbourne’s substantial younger demographic will require greater GP
and specialist services in coming years,” the broker added.

Cranbourne’s wider catchment also includes the developing
suburbs of Berwick, Clyde and Pakenham.

Last week, we reported that developer Goldfields paid more than $105 million for a 71-hectare plot in Clyde North, earmarked to make way for more than 1000 dwellings.

Medical-related property, and childcare centres, have attracted
substantial investor interest in recent years – in part because of the popularity
with occupiers resulting in high occupancy levels, and security for landlords.

Mr Twelftree said that there are two investor preferences
when it comes to medical centres: investors who opt for smaller convenience-based
GPs and specialists and investors who favour a consolidation of specialists
into super-clinics.

“In more recent times, the latter appears to be more
popular with investors – an emerging trend amongst industry experts,
positioning the medical centre positivity in the long-term,” Mr Twelftree said.

The brokers said doctors are
amongst one of the most prolific groups to seek out investments like Cranbourne
Health.

Dr Shapero, a medico for more than 30 years, chairs the ACE Foundation, a not-for-profit education-themed charity whose philanthropic initiatives include the Aiding Casey Education program.

Aimed at helping Casey residents reach their full potential,
ACE Foundation provides free eye testing and provision of glasses to all students
within the Casey township, as well as programs to re-engage disengaged students
into the education system and local community.

Financial support of the Young Mothers Return to School
Programme, and free supervised study facilities, with tutors, and books, are other
initiatives ACE Foundation funds.

In 2017, ACE Foundation, with Cranborne Toyota, organised
for 24 students to tour the Melbourne Cricket Ground oval and facilities,
guided by Collingwood premiership player Ben Reid.