By Michael Newhouse
SUNSHINE’S historic Harvester Centre complex in Devonshire Rd has been sold to insurance and investment company ING for $13.55 million.
The ING Real Estate Healthcare fund finalised the deal to buy the site, which sits on the corner of Devonshire and Harvester roads in the centre of Sunshine, from Vaughn Constructions earlier this year.
The two-storey office space includes a three-level office car park.
Formerly part of the Sunshine Harvester Works, the 4413 square metre site is home to many of Sunshine’s specialist health services, including Melbourne Health’s Midwest Mental Health Service, which recently moved into the centre from its former Withers St base.
Melbourne Health said in a statement last week that the new premises would give the mental health service more space to work, while also being much closer to public transport.
“The spacious building is much more comfortable for clinicians and clients,” Mid West Mental Health Service manager Gary Monkley said.
CEO of the ING Real Estate Healthcare Fund Miles Wentworth told Star the fund had bought the historic property after a multi-million dollar refurbishment that was carried out by the former owners, Vaughn Constructions.
He said the property was 83 per cent leased, while he said the former owners would pay the remaining rent for the next two years if no tenants could be found for the vacant space.
The fund is a property trust listed on the Australian stock market and the fund takes its income from tenants.
According to ING, the Harvester Centre property returns $1.1 million annually in rental income when fully leased.
The $13.55 million purchase added to the fund’s initial $48.5 million property portfolio, which included East Melbourne’s Epworth Freemasons Private Hospital, along with other hospital services in East Melbourne.
Earlier this month the fund posted a $2.09 million half-year profit.
