Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting to read:%0A%0A {0} %0A%0A {1}

Demand for Medical Centres thrives as vital signs look strong for the future

Jess Freeman • 23/05/2023
528 Station Street, Box Hill

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”.

In light of this, Leon Ma, Jeff Ha and Karim Ford of Cushman & Wakefield are proud to offer for sale 528 Station Street, Box Hill for the first time in almost five decades.

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."


How can we help?

Get in touch with one of our professionals.

Recent Media Releases

Childcare center
Rising rents, sharp yields ahead as competition for childcare centres heats up

Australia’s childcare centre market is poised for growth in 2023, with increased government investment, growth in the nation’s younger population and expected industry consolidation creating a positive outlook for the asset class, a new report shows.

Jess Freeman • 16/03/2023

Industrial (image)
Cushman & Wakefield Builds Market Leading Capital Markets Industrial & Logistics Platform Across Australia

Cushman & Wakefield is gearing up for an exciting 2023 with the appointment of five new Industrial & Logistics Capital Markets team members in Melbourne and Brisbane, as well as the internal appointment of Simon Fenn in Sydney.

Jess Freeman • 08/02/2023

How resilient is your building?

Leonard Hines, Cushman & Wakefield's Senior Building Services Engineer, Project & Development Services sheds light on the resilience of the built environment and what companies can do to future proof their assets.

Jess Freeman • 18/01/2023

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All