Browse all categories | Subscribe My Account | Logout
Browse all categories
< Back

Chinese investor pays $4.8m for South Rd clinic

Property Markets / Transactions

Australia

Feb 14 2017

Add to Favorites

Share this Article:

February 13, Melbourne – 

A Chinese investor has paid $4.8 million on a 6 per cent yield for a fully leased dental clinic at Moorabbin, in a deal brokered by Savills Clinton Baxter and Julian Heatherich.

The single level, 402 South Road property comprises a fully refurbished building with a brand new state-of-the-art fit-out on a 647 square metre corner, Activity Centre zoned site, with frontages to both South Road and Redholme Street.

Mr Baxter said the property was sold with a ten year lease plus options to global healthcare group Bupa at a current net annual rental of $287,596 paid yearly in advance.

He said the long standing clinic had been operating for nearly 70 years over which time it had established a huge client base.

"The opportunity to secure a quality commercial building in one of Melbourne’s most prominent growth suburbs on a highly exposed corner site within a designated activity zone was very attractive to potential purchasers.

"The fact that the property was fully let to an international tenant on a long term lease and that the premises’ fit-out was state-of-the-art, made this a must consider for private investors and the result reflected that,’’ Mr Baxter said.  

Mr Heatherich said demand for such investments was at an all-time high with the huge volume of investment sales over the last few years resulting in a diminishing number of opportunities.

"Properties like this will always attract strong interest but when there is a general shortage of investment properties, well leased and well located properties are quickly snapped up and 402 South Road was no exception," he said.  

The vendor was a local private investor.

 

About Savills

Savills is a global real estate services provider listed on the London Stock Exchange. Savills operates from over 700 corporate and associate offices, employing more than 30,000 people in over 60 countries throughout the Americas, the UK, Europe, Asia Pacific, Africa and the Middle East, offering a broad range of specialist advisory, management and transactional services to clients all over the world. www.savills.com.au or www.savills.com. 

Follow @SavillsAus for the latest Australian and global real estate news and research.

SOURCE: Press Release

img

You may also like...


Load More

bannerImage
bannerImage

Login into your MP Report account

Forgot my password

Sign up to the MP Report

Creating an account with MP Report allows you to save articles and update your preferences to filter the content based on your interests and what content you would like to receive from us via our email alerts and newsletter.

SIGN UP HERE >