Brighton medical centre sells for $3.37 million on 4.3% yield

A sports medicine centre on Bay Street in Brighton sold to an investor for $3.37 million today.

A packed room at Burgess Rawson's investment portfolio auction at Crown Casino watched a handful of bidders take 441 Bay Street, Brighton's price from $2.8 million to $3.37 million.

"Don't think of the yields, think of the position," auctioneer David Scholes urged a handful of potential buyers as bidding slowed to $5,000 increments.

The 1,030 square metre site has been leased to Brighton Spinal Group for more than 16 years. Currently, it attracts $143,402 net income per annum, with annual fixed increases of 3%.

The building comprises a Victorian at the front with a two level contemporary extension at the rear. It includes 11 consulting rooms and a large gym.

Scholes noted the large site's potential for further development, subject to council approval. The medical centre, marketed by Jamie Perlinger and Ben Appell of Burgess Rawson, sold at a 4.26% yield.