The demand for purpose-built medical centres in Melbourne continues to soar as the healthcare industry expands and evolves. With an increasingly aging population, advances in medical technology, and shifting healthcare preferences, the need for specialised, state-of-the-art facilities is paramount.
Recognising this trend, developers and investors are embracing the opportunity to meet this demand and create cutting-edge medical spaces that cater to the evolving needs of healthcare providers and patients.
According to Leon Ma, Cushman & Wakefield’s Director, Head of Asia Capital Services, Melbourne is known for its world-class healthcare system and renowned medical institutions and is experiencing a surge in demand for purpose-built medical centres.
“These facilities offer a host of advantages, including tailored designs, advanced equipment, efficient workflows, and enhanced patient experiences. Whether it's a multi-disciplinary medical complex, a specialised outpatient clinic, or a modern diagnostic facility, purpose-built medical centres are designed to optimise the delivery of healthcare services and support the latest medical advancements”.
Located within Melbourne's fastest-growing precinct, Box Hill is known as the second CBD attracting prominent developers and large-scale state government infrastructural projects, such as Vicinity Centres, Golden Age, Suburban Rail Loop (SRL), and the Box Hill Station redevelopment.
The upcoming development at Sky Square directly opposite 528 station Street will deliver 72,000* sqm of commercial and residential space, featuring two 16-storey towers located directly across from Station Street junction. This development is expected to generate significant foot traffic, adding to the bustling activity already present in the area.
528 Station Street is a purpose-built medical building which was occupied by Box Hill Medical Centre, and the 836 sq m*commercial one zoned landholding (directly next to Harrow Park) includes 14 car parks on title, a luxurious 18.5-metre street frontage on Station Street, a permit for five medical practitioners and is in a prime location with unbeatable public transportation connectivity, with ample council car parking adjacent to the site. Furthermore, Box Hill Central, one of the largest transport hubs outside of Melbourne's CBD, is within walking distance.
Mr Ma said surrounded by a network of public spaces and gardens to support local recreational needs and community interaction, 528 Station Street is positioned within the main activity centre in Whitehorse and is anticipating a draw of all buyer types.
“It provides retail, education, civic, medical, community service, entertainment, and recreational opportunities for the population, as well as a hub for local community activities.
“With the flexibility to invest, occupy or develop the existing purpose-built medical suite, this asset will attract strong interest from owner occupiers on top of the investors and developers that will be attracted to the location " he continued.
Box Hill's burgeoning population is projected to surge to approximately 77,500 residents by 2056. With the successful implementation of SRL East and SRL North, employment in the Box Hill Precinct is foreseen to double, providing 48,500 opportunities and redefining the city's pulse and rhythm. Median house and unit prices within Box Hill are $1,600,000+ for houses and $800,000+ for units.
As Box Hill continues to position itself as a hub for medical excellence, Jeff Ha, Cushman & Wakefield’s Executive Asia Markets believes the demand for purpose-built medical centres is set to increase.
“With their ability to deliver exceptional patient care, promote collaboration among healthcare professionals, and accommodate the latest technological advancements, these facilities play a crucial role in shaping the future of healthcare in the city.
"Existing purpose-built medical suites in Box Hill hold immense appeal for owner-occupiers, investors, and developers alike. The location's reputation as a thriving medical destination, coupled with its strategic position within the rapidly growing Box Hill precinct, makes it an attractive opportunity”.
Mr Ha said the demand for high-quality medical facilities is ever-present, and the existing infrastructure caters to this need. “Whether it's healthcare professionals looking to establish their practice, investors seeking stable rental income, or developers recognising the potential for growth, these purpose-built medical suites offer a rare and valuable proposition that is sure to generate strong interest."