Glen Waverley medical centre sells over its $5.5M price guide

A MEDICAL centre in Glen Waverley has attracted a huge amount of interest and has sold over its $5.5M price guide at 242-244 Springvale Road after a successful expressions of interest campaign.

Waverley Medical Centre had a 613sq m* building area and a 1,504sq m* land area and offered astute purchasers the chance to secure a significant corner site with the benefit of investment income.

The asset was marketed and sold by Ray White Commercial Glen Waverley Managing Director Ryan Trickey and Commercial Sales Agent Ben Ainsworth.

Mr Trickey said the asset was the most nationally enquired campaign across NSW, QLD and SA the team had had in the last 12 months.

“There was a huge amount of interest in this property with more than 120 enquiries during the campaign, with 20 per cent coming from interstate and 10 per cent international,” he said.

“The asset was snapped up by a private group seeking static investment with future potential and was sold by a family consolidating their assets.

“It’s no exaggeration to say this property offered buyers an unrivalled opportunity to capture some of the best real estate in Melbourne’s East.

“With the redevelopment of the Glen to the tune of $500M, and more than 500 new dwellings coming into the area, there’s much to look forward to for both commercial and retail traders.

“We had 14 groups miss out on the asset with eight groups competing at a strong level. It was then down to three groups pushing for the purchase around the eventual price.

“There’s a particular desire for medical precincts at the moment with the good ones offering a great and stable cash flow. But the wrong ones can be dangerous, so investors should look at all aspects of the deal and contact an expert commercial agent.”

Mr Ainsworth said the location, limited supply of stock and the ongoing growth of Central Glen Waverley as a commercial and entertainment hub, made the asset really appealing.

“The established medical clinic has been operating for over 30 years and offered an initial return of $297,052 p.a. + outgoings + GST, with three per cent annual increases,” he said.

“It’s Zoned GRZ8 with Design and Development Overlay allowing for up to four levels or 13.5 metres, subject to council approval.

“It’s positioned in the heart of the Glen Waverley Commercial Activity Centre and is just a one-minute* walk to The Glen Shopping Centre.

“It adjoins the area’s most well-known medical precincts of Springvale Road and High Street Road, supporting a concentration of medical businesses that complement each other.

“Public transport is also readily available, with the Glen Waverley train and bus terminal just moments away.”

*Approximately.