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Medical professionals flock to Melbourne's north for office space

Property Markets / Transactions

Australia

Mar 21 2019

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Medical professionals have snapped up the rare opportunity to purchase office suites in Melbourne’s northern growth corridor, with MAB’s $18 million 7 Ormond development achieving strong sales results in its first release. 

Located at MAB’s University Hill in Bundoora, 18 kilometres north of the CBD and strategically positioned between the Austin Hospital in Heidelberg and the Northern Hospital in Epping, 7 Ormond sits in a corridor of rapid population growth, surrounded by universities, private schools and major retail precinct. 

Over the past seven months, the first stage has seen 16 out of 22 suites sold, comprising a total of 1,300m2 and selling at an average rate of $4,900 per m2. 

Approximately 60 per cent of sales have been to medical occupants including specialists in paediatrics, psychology, gastroenterology and endoscopy, with many buyers relocating or expanding from medical suites located in Melbourne’s north. 

Dr Luke Sammartino, one of the busiest paediatricians in Melbourne’s north, has purchased a 150m2 professional suite after outgrowing his current clinic. He said the new location would allow him to open a multi-modal ‘one stop shop’ clinic. 

“There are many reasons we are excited to be moving to 7 Ormond - the schematics of the building are absolutely beautiful. University Hill is becoming a medical precinct and this particular purpose-built building will allow us to expand to have five additional staff,” he said. 

7 Ormond has afforded us the flexibility of size and location and is easy to get to from north, south, east and west with plenty of car parking”. 

“The proximity to other medical professionals will also provide a sense of collegiality within a commercial hub environment,” he said. 

Professor Antonio Paolini, a Clinical Neuroscientist and the CEO of higher education provider ‘ISN Psychology’, was one of the first purchasers at 7 Ormond, buying in for its strategic location within an emerging medical hub, and nearby existing teaching facilities. 

“Bundoora, and especially University Hill, is well positioned as a major access point for a growing population”. 

“The medical hub emerging at Bundoora and 7 Ormond, will help us grow our service offerings and utilise cutting edge treatment options for mental health”. 

“We were also impressed by the design of the building - its elegant exterior and position presents an element of style and tranquility,” he said. 

Raphael Poggi, Development Manager MAB said the second stage of 7 Ormond had just been released in February and was expected to draw further interest from medical professionals. 2 

“University Hill in Bundoora is definitely becoming a key medical precinct within Melbourne’s fast growing northern suburbs. MAB is pleased to contribute well designed and flexible office space that enables medical professionals to grow their practices,” he said. 

The second stage will have its own entry, dedicated lift and amenities with office suites ranging in size from 65m2 to 130m2. During construction there is the flexibility to combine suites to meet the requirements of the purchaser. 

7 Ormond has office suites starting from $299,000. Construction commenced in November and is expected to be completed in September 2019. 

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