This article is from the Australian Property Journal archive
DESPITE being vacant, a medical centre in Melbourne’s bayside suburb of Brighton has sold for $3,525,000, reflecting a $625,000 capital gain for vendor who bought the property just 18 months ago.
The transaction was handled by CBRE’s specialist Australian healthcare and social infrastructure team of Sandro Peluso, Josh Twelftree, Jimmy Tat and Marcello Caspani-Muto.
The agents said a number of medical owner occupiers were vying for the 390 Bay Street, Brighton opportunity which was transacted under 48 hours before it was scheduled to under the hammer.
The former Genesis Medical Centre featured a permit for five medical practitioners and was purchased by a Vet who will occupy and refurbish the facility moving from any existing premises around the corner.
The property is improved by a 300 sqm building, set on a land area of 767 sqm and is zoned General Residential.
Twelftree said the offering was one of the last few remaining opportunities for medical usage and owner occupation along the tightly held Bay Street strip.
“The property presented a substantial landholding with 17m frontage to Bay Street so coupled with a local median house price $2.87m the opportunity lent itself well to high end healthcare professionals given its existing medical permit.
“The opportunity attracted enquiry from dental, cosmetic surgery and veterinary groups just to name a few.” Twelftree said.
Tat added that quality owner occupier and investment opportunities within Brighton are already few and far between, however this property is particularly notable as it was one of the last few remaining opportunities in the heart of the golden mile.
