Continued growth in the healthcare services sector is expected to underpin significant tenant interest in a soon-to-be-completed health centre in Melbourne’s sought after Knox medical hub.
CBRE’s Healthcare and Social Infrastructure team has been appointed to steer the lease campaign for Knox Health, a state-of-the art centre being developed by Dr David Badov.
The centre offers an anchor lease to a day hospital leased to Dr Badov’s Direct Endoscopy Day Hospitals – one of the largest providers of endoscopy services in Victoria, with five day hospitals in the Melbourne metropolitan area.
The new Knox Day Hospital will also offer additional facilities suitable for urology, plastic/cosmetic surgery, ophthalmology, gynaecology/IVF, general surgery, vascular (varicose veins), dental extractions and other day surgery.
CBRE Director Sandro Peluso said the strength of the anchor tenant coupled with the centre’s sought-after location would be key draw cards for a wide range of medical centre, dental, allied health, pathology, pharmacy and radiology tenants.
A total of 4,500sqm of space is being offered at the complex, which is situated at 538 Mountain Highway, Bayswater. The campaign is being steered by CBRE’s Sandro Peluso, Josh Twelftree, Jimmy Tat and Marcello Capani-Muto.
“The lease campaign provides an opportunity to locate in one of the most substantial and trafficked healthcare hubs in Melbourne’s eastern corridor,” Mr Peluso said.
“There is significant tenant interest in the healthcare sector, with occupiers that provide vital ‘out-of-hospital’ services keen to secure long-term tenancies. The sector has weathered COVID-19 exceptionally well and tenants are moving to lock in favourable lease terms and rentals, cognisant of the of the fact that major funds and investors are increasingly attracted to the growth and stability this market segment offers.”
Dr Badov noted that Knox Health would dramatically improve patient access to timely medical care.
“Medical centres are setting the standards for care and Knox Health will provide one-stop access to comprehensive medical services, easy access to GP and specialists, day surgery and ample parking,” Dr Badov said.
The centre, which is due for completion in May 2021, is approved for 33 practitioners and will offer a total of 134 car parks on site. It has an expected end value of circa $35 million.
Multiple tenancy options are available, ranging from 150sqm to 4,500sqm across two separate buildings.
“The new complex is located less than three minutes’ drive from Knox Private Hospital, one the largest private hospitals in Australia, and is close to all forms of public transport and a variety of tenant amenity, including the Westfield Knox shopping centre,” Mr Peluso said.
“It positioned to benefit from the area’s highly favourable demographic trends, with Bayswater’s population forecast to increase 46% by 2041.”
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