A fully leased animal hospital asset in Melbourne’s south-east suburb of Highett has changed hands for $9.55 million.
CBRE’s Australia Healthcare and Social Infrastructure team of Sandro Peluso and Marcello Caspani-Muto brokered the sale of 252 Wickham Road which was acquired by a high-net-worth private investor.
Mr Peluso noted the property attracted interest from a range of investors with the sale price reflecting a strong yield of 5.5%.
“At the end of the campaign, the team received four offers from domestic and international investors. The competitive process resulted in over $27 million of unallocated capital, which the team is working with on other opportunities,” Mr Peluso said.
“With the recent announcement of a record low quarterly inflation rate of 2.4% strengthening the case for a further cash rate cut buyers are actively looking to purchase now before investor confidence rebound, which will lead to a sharpening of asset yield,” Mr Peluso added.
The animal hospital features multiple day theatres, X-Ray rooms and CT scanning capabilities. The property is leased to AEC (Animal Emergency Centre) which is owned by the Greencross Pet Wellness Company, one of Australia’s largest veterinary providers with 260 clinics and 24 animal hospitals in operation across the country.
“One of the key reasons we received such strong interest for this asset is the long-standing tenant. AEC has been operating in the property next door for over 50 years and this new facility, developed by a partnership of Justin Clarkson’s Unified Property and Tom Shelton’s Bridport Property, will be the home for AEC for decades to come,” Mr Caspani-Muto said.
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