A former private hospital has been listed for sale in one of Melbourne’s most tightly-held Bayside suburbs.

The property, located at 152 Como Parade in Parkside, was the former Como Private Hospital and sits on 4,765sqm of the land.  The existing 3,500sqm building is currently leased until September 2024, offering a significant short-term holding income of $528,000 per annum.

Savills Melbourne agents Julian Heatherich, James Latos and Benson Zhou have been exclusively appointed to sell the property.

Speaking on the property, Julian Heatherich, State Director – CBD and Metropolitan Sales at Savills said, “Market conditions over the past few years means we have seen a real flight to quality from active developers.

“Given the calibre of this property, the significant landholding and reputable tenant in place, we expect this fundamentally sound opportunity to be well received by the market,” Mr Heatherich said.

Associate Director, CBD and Metropolitan Sales at Savills, James Latos continued, “It is rare that site of this scale is offered within the Bayside area.

“In addition to being walking distance to the beach, train station and shops the surrounding area is home to some of Melbourne’s best schools. The holding income whilst obtaining plans and permits is also advantageous,” Mr Latos continued.

The listing is anticipated to attract strong interest from residential developers and investors looking to repurpose the existing improvements.

Parkdale is ideally located within one of Melbourne’s most exclusive and tightly held Bayside regions, positioned just a short distance from Mentone Village, Mordialloc Shopping Strip and Westfield Sutherland.  Parkdale and Mentone train stations are each nearby, as are major arterials providing direct access to Melbourne’s CBD.

With a price guide upwards of $9 million, 152 Como Parade Parkside will be sold via Expressions of Interest closing Wednesday 20 September at 2pm.