This article is from the Australian Property Journal archive
A PRIVATE investor has bought a dental clinic at Heathmont in Melbourne’s east for $1.8 million on a yield of 5%.
The property leased to Heathmont Dental at 212 Canterbury Rd Heathmont was sold by Ray White Commercial director Brett Diston.
Diston said the campaign attracted strong interest with nine parties making submissions.
“We had keen interest in this property which is leased to a well-known dental clinic who have occupied the approximately 243 sqm building since 1995,” he said.
“The tenant recently secured a new 10 year lease with two five year options. The property is returning rental income of approximately $90,000 per annum,”
Diston said the 850 sqm allotment also offers development upside (STCA), as part of of the Heathmont Activity Centre Structure Plan, which allows for higher density with heights between 2-3 levels.
Australian Property Journal
