A truly unique, future-proofed offering in a booming Melbourne growth corridor is on the market.
Fitzroys’ Chris Kombi and Tom Fisher are marketing 48, 50 & 52 Childers Street, Cranbourne for sale via Expressions of Interest closing Thursday, 20 November at 3pm, on behalf of a private investor.
Expectations are of $5.5 million-plus.
The asset comprises three purpose-built accommodation facilities with 26 private rooms with ensuites, and secure on-site car parks at the rear. All buildings boast modern security and accessibility features including keyless entry, alarm systems, and disability access, along with shared kitchens and living zones.
They are on a substantial landholding of 2,876sqm over three titles with a 52m frontage to Childers Street.
The property is currently 100% leased on flexible agreements, returning $459,420 per annum.
“This is a truly unique and versatile future-proofed asset in one of Australia’s fastest-growing corridors,” Kombi said.
“It’s a rare offering that suits a wide range of buyer profiles.”
He said there is excellent scope for future occupation by a variety of accommodation and health providers.
“Aged care and assisted living operators, community housing, crisis accommodation, medical and allied health facilities have all figured amongst the early enquiry, all looking to service Melbourne’s booming south-east corridor.”
Fisher said, “Investors have also been prominent in enquiry, given the strong, stable rental return prospects derived from heavy demand for essential accommodation and community services in the region, with fierce competition from providers for functional facilities.”
He noted the property is strategically positioned within the City of Casey, which has a forecast population growth of 43% by 2046.
“The property is in the heart of Cranbourne’s fast-growing residential and lifestyle precinct, positioned moments from essential infrastructure and amenity, complementary uses including schools, medical facilities, community services, and retail and lifestyle attractions, and more.”
Within metres are Cranbourne Primary School and a day care and kindergarten, as well as Chisolm TAFE, while Medicare, high street retail, Cranbourne Park Shopping Centre, and Monash Health are all within close proximity.
“This property is superbly located to benefit from Cranbourne’s ongoing urban expansion,” Fisher said.
Kombi said interest has also come from land bankers looking to capitalise on the site's long-term upside potential.
The area also offers excellent access to major arterial roads including the South Gippsland Highway, Narre Warren-Cranbourne Road, Monash Freeway and Western Port Highway, while Cranbourne railway station provides strong public transport connectivity to greater Melbourne.