Coburg Corner sale achieves Merri result

Merri Community Health Services has recently snapped up a substantial Coburg building for $4.075 million.

Reflecting the current strength of Melbourne’s retail investment market, CBRE in conjunction with Gross Waddell negotiated the sale of the retail and office asset.

Located at 83-91 Bell St and 491-495 Sydney Rd, Coburg, the 1,250sqm corner building is located nearby the Pentridge Prison site.

It was put to market as a value-add opportunity, with Activity Centre zoning allowing future development upside.

Merri Health Chairperson, Carlo Carli, said the recent acquisition will allow Merri Health to provide a one-stop-shop for health services in Melbourne’s northern region.

“We are planning to construct a multi-level building on the site, which will see the integration and expansion of key health services in one location, giving northern residents access to advanced health support in their community. This will provide better opportunities for our community as we anticipate further job prospects and extended service,” Mr Carli said.

The sale price translates to a yield of nearly 3.4%, with over 130 enquiries received.