Glen Waverley medical centre sets market abuzz

One of Glen Waverley’s busiest medical centres is expected to provide a clear test for the health of the commercial property market.

The Waverley Medical Centre at 242-244 Springvale Rd, with an annual income of $297,052, was recently listed with a price guide of $5-$5.5 million.

Ray White Glen Waverley agent Ryan Trickey says a combination of having the election in the past and released pressure on lending practices by the Australian Prudential Regulation Authority had seen demand return for well-located commercial properties.

Commercial Insights: Subscribe to receive the latest news and updates

“I’d certainly say that our inquiry is up — which is the first greenshoot (for an improved market),” Trickey says.

“It’s just proven that the world hasn’t ended and we’re going to continue to transact and money’s still cheap.”

The Waverley Medical Centre has a rental return of almost $300,000 a year.

242-244 Springvale Road, Glen Waverley has a price guide of $5-$5.5 million.

The medical centre, which offers a range of allied health services such as psychology and podiatry, has seen strong interest from interstate investors, Trickey says.

“The fact I’ve had multiple inquiries from people in other states might suggest they see Victoria as a market that’s flatlined a little and there’s opportunity here on well-located assets,” he says.

“It’s probably the most national inquiry we’ve had on a campaign in quite some time.”

The medical centre’s lease expires in March 2022, but has options to be extended for two further five-year terms.

The medical centre has been operating for over 30 years.

A waiting room at the medical centre.

With an almost $500 million upgrade set to be complete at nearby The Glen in early 2020, Trickey says the large-scale development project has attracted new life to the local market.

“It’s such a vibrant retail hub — it’s only increasing the attractiveness of Glen Waverley for a business and retail centre,” he says.

“This appeals to both investors and land bankers — anytime we can get an asset to sit in two different markets, we find there’s still people out there with money.”

This article from Leader Newspapers originally appeared as “Waverley Medical Centre set to test market”.