Fitzroys: Psychology practice takes up Victorian building in Malvern medical precinct

Medical and mental health operators are seeking properties across Melbourne as the effects of COVID create more demand for their services.

In the latest deal, Fitzroys Agency Manager Lewis Waddell negotiated a five-year lease for the recently-updated Victorian building at 315 Wattletree Road, Malvern East to Armadale Psychology.

Waddell stuck the deal at $51,000 per annum plus outgoings and GST on behalf of a private investor.

The 150sqm building comprises three large consulting rooms, reception area and waiting room, and has a permit for two practitioners, seven days a week. The site also features five on-site parking spaces, rear access and off-street parking for four vehicles.

Waddell said the tenant noted the stresses induced by COVID, especially on young people, and the subsequent increased demand for psychologists and mental health services.

The Federal Government has doubled the number of Medicare-subsidised psychology sessions from 10 to 20 sessions each year in response to COVID. Mental Health Treatment Plans created by GPs each year have been rising steadily, and Medicare data shows a record 1.47 million plans were created nationwide in 20201.

“Tenancies leased to medical practitioners present a solid, COVID-proof investment, and the owner of the property now has an asset that is leased long-term and with a highly-secure tenancy profile,” he said.

Waddell said enquiry in the property was strong from operators in the health and medical fields.

“Its position in a highly-accessible, established medical precinct, close to Cabrini Hospital and numerous established medical users, was a major attraction,” he said.

“Accessibility is a major focus for tenants and their clients. The property offers a number of on-site parking spaces and ample on-street client parking, is close to the intersection of Wattletree and Tooronga Roads, and is conveniently located on the Route 5 tram line that runs along Wattletree Road,” Waddell said.

He added that the landlord recently updated the building, which included undertaking restoration works to the façade. The building also features stunning interiors with high ceilings, and this attracted a depth of quality operators

“High-quality interiors and plenty of character play a big role in creating in enhancing the liveability of the work and clinic environment,” Waddell said.