A premium medical investment at 218-220 Springvale Road, Glen Waverley has sold under the hammer for $6,540,000, following a competitive auction campaign that attracted significant interest from both local and offshore investors.The campaign culminated in six active bidders competing for the asset, highlighting the depth of demand for securely leased healthcare investments within Melbourne’s tightly held metropolitan markets.
The property sold on a net yield of 4.58% and is fully leased to leading national healthcare provider Lumus Imaging, which recently exercised a further five-year lease term.Strategically positioned directly opposite The Glen Shopping Centre, the high-profile medical investment occupies a substantial Springvale Road landholding with approximately 46 metres of frontage. The offering also includes a modern single-level building of approximately 600 sqm and 25 on-site car spaces. Alex Ham of Gross Waddell ICR said the campaign generated exceptional levels of engagement throughout the marketing period.
“The level of competition for this asset was extremely strong from the outset. We had genuine interest from a broad cross-section of private investors, both locally and internationally, with the auction itself becoming highly competitive between six committed parties,” Mr Ham said.“Medical investments of this calibre remain tightly held and highly sought-after, particularly when backed by a nationally recognised tenant, secure income profile and an irreplaceable position within a major activity centre such as Glen Waverley.”
Michael Gross of Gross Waddell ICR said the result reflected the continued strength of private capital targeting defensive commercial investments.“Quality healthcare assets continue to outperform due to their defensive characteristics and long-term occupier demand. When you combine that with a prominent metropolitan location and strong underlying landholding fundamentals, competition is naturally very strong,” Mr Gross said.
Glenn Ye of Gross Waddell ICR added that the campaign demonstrated the depth of active capital currently pursuing investment opportunities across Melbourne.“The auction result reinforced that investors remain highly motivated for quality income-producing assets, particularly where there is long-term security, rental growth and genuine scarcity value,” Mr Ye said.
View the listing here >> https://www.commercialready.com.au/properties/218-220-springvale-road-glen-waverley-vic-3150-31910
