In a testament to the enduring appeal of Melbourne’s premium suburbs, the former Como Private Hospital, located at 152 Como Parade in Parkdale, has been successfully sold to local developer Lowe Living. The transaction marks a significant milestone in the vibrant real estate landscape of Bayside, underscoring the area’s desirability for both local and offshore developers.
The sale, facilitated by Savills agents Julian Heatherich, James Latos and Benson Zhou, is indicative of the resurging confidence in the Melbourne development market, particularly within the coveted Bayside region. Despite the property’s tough planning controls, which posed challenges in maximising development outcomes, the transaction reflects the sustained interest among seasoned developers in acquiring unique opportunities with medium to long term view.
“The property posed unique challenges due to its restrictive planning controls, presenting a rare opportunity for discerning developers,” remarked Julian Heatherich, State Director – CBD and Metropolitan Sales at Savills.
“Despite these hurdles, its substantial landholding and short-term holding income in a desirable Bayside location made it an attractive proposition to the buyers,” Mr. Heatherich continued.
The property, encompassing approximately 4,765 square meters of land with an existing 3,500 square meter building, was sold with short-term holding income of $528,000 per annum. Its prime location is within walking distance to the beach, train station, and renowned educational institutions.
“We are thrilled to have facilitated the sale of the former Como Private Hospital on behalf of our valued clients,” said James Latos, Associate Director – CBD and Metropolitan Sales at Savills.
“The high level of interest the campaign attracted reflects the demand from numerous groups with active capital seeking similar opportunities, “ Mr. Latos concluded.
Lowe Living is one of Melbourne’s industry-leading specialists in medium-density residential homes. Focused on acquiring superior sites in lifestyle-focused locations, Lowe Living plans to develop luxury apartments on the site, with this latest acquisition the developer’s third project in the suburb of Parkdale. This follows their recently completed and award-winning project, Topaz, in 2023, and newly launched Kallara House project.
Lowe Living currently has a $500 million development and $110 million construction pipeline, with recent projects including Emerald Place South Melbourne and Hampton Hill in Hampton.
The sale of the former Como Private Hospital underscores the enduring appeal of Melbourne’s premium suburbs and the confidence of developers in the city’s medium to long term growth prospects.
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