Buyers smiling as Geelong medical assets drive big incomes
The freehold to a Torquay dental surgery at 80 Geelong Rd, Torquay, is listed for auction.
Strong rental income streams driven by surging population growth is delivering sustained demand for healthcare assets across Geelong.
The latest example is a long-established Lara medical centre leased to health insurer GMHBA.
The purpose-built 429sq m facility with a secure lease with options extending to 2037 sold for a Melbourne-based investor for $3.5m.
Multiple parties competed for the Patullos Rd property when it was auctioned recently.
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It generates a net annual income of almost $215,000.
The position of property close to the Lara West residential growth corridor was one of its strengths, Darcy Jarman director Tim Darcy said.
“This result underscores the market’s confidence in medical investments, particularly in locations with strong demographic and economic growth like Lara,” Mr Darcy said.
“We’re continuing to see metropolitan investors turning to regional healthcare assets for their stable returns and growth potential.”
The freehold to a medical surgery at 1 Patullos Rd, Lara, sold to Melbourne investor for $3.5m.
Medical and healthcare tenants have been attached to some of the most prominent sales across Geelong in the past year.
This includes a converted warehouse in central Geelong that sold for $1.33m after the building was repositioned with a new six-plus-six year lease to Berth, a leading pregnancy and birth care service, driving a $72,800 annual return with fixed 4 per cent annual increases.
A long lease to anchor tenant Chemist Warehouse was central to an $8.875m price achieved for an island site with three key tenants on Geelong’s Little Malop St.
Healthcare assets in Grovedale, Corio and Hamlyn Heights have also been snapped up recently.
The freehold to a Torquay dental surgery at 80 Geelong Rd, Torquay, is listed for auction.
The freehold to a Torquay dental surgery at 80 Geelong Rd, Torquay, is listed for auction.
The latest to test the market is described as a premium healthcare investment opportunity at 80 Geelong Rd, Torquay, which has already sparked significant early interest in the initial days on the market.
Home to Surfside Dental Torquay, a practice operated by national provider National Dental Care, the purpose-built clinic offers investors a modern, near-new facility on a 1013sq m site with strong lease credentials.
The asset includes a five-year lease with options to 2044, returning a net annual income of $132,000, with 3.5 per cent fixed annual increases.
“The early interest reflects the strength of the Torquay market and the appeal of well-located, high-quality healthcare investments,” Darcy Jarman agent Andrew Prowse said.
“This is a true set-and-forget investment with long-term upside in a booming regional centre.”
The property, which is surrounded by allied health services, will go to auction on May 9.
