Popular retail, medical centre in Broadmeadows hits the market with $27m-30m price hopes
The retail, office and medical centre at 1100 Pascoe Vale Rd, Broadmeadows is for sale.
A prominent office, medical and retail hub adjacent to Broadmeadows train station has attracted interest of $27m-$30m since being placed on the market last week.
Two buildings next to each other at are being offered for sale via expressions of interest.
Bloom Estate Agents Truganina principal Jiten Hooda said the property drew inquiries from equity partners, blue-chip investors and super funds in its first four days on the market.
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“The interest we are seeing is close to $27m, $28m, $30m,” Mr Hooda said.
The 3100sq m Pascoe Vale Rd site includes health services, government agencies and food premises as tenants across its two buildings, a double-storey structure and a four-storey edifice.
“It has 18 different tenancies which means a reduced risk of vacancy exposure,” Mr Hooda said.
“There is room for further growth and you could put in more offices, I think there would certainly be room for apartments.”
The property is located in the heart of Broadmeadows.
Expansive 105m Pascoe Vale Rd frontage is a feature of the site.
The existing tenants’ leases vary in length up to five years, with options to extend.
Mr Hooda said the centre’s Australian-based owner was selling due to good market conditions and a desire to invest in other ventures.
“The owner is very motivated to sell the property and will consider any reasonable offer,” he added.
CoreLogic records show the centre was last sold for $13.8m in 2018.
The centre is close to Broadmeadows train station.
Eighteen tenants lease space in the two buildings.
Its Pascoe Vale Rd location is close to Hume Council’s offices, Broadmeadows Central, public transport, schools and several educational institutes.
“Everything is very much on the doorstep,” Mr Hooda said.
The fully-leased centre earns an annual income of $1.57m plus GST and outgoings.
Several bus routes stop outside the hub.
Employment services and government tenants are among those located at the site.
In 2020, a Hume council report estimated about 130,000 new residents would move into the municipality by 2041, bringing the area’s population to 394,760 people.
Expressions of interest close 2pm May 30.
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