Chinese investor pays $4.8 million for Moorabbin clinic through Savills

Chinese investor pays $4.8 million for Moorabbin clinic through Savills
Chinese investor pays $4.8 million for Moorabbin clinic through Savills

A Chinese investor has bought a fully leased dental clinic at Moorabbin for $4.8 million on a 6 per cent yield, in a deal brokered by Savills' Clinton Baxter and Julian Heatherich.

The single level, 402 South Road property comprises a fully refurbished building with a brand new state-of-the-art fit-out on a 647 sqm corner, Activity Centre zoned site.

It has two street frontages. 

Baxter said the property was sold with a 10-year lease with options to global healthcare group Bupa at a current net annual rental of $287,596.

He said the clinic had been operating for nearly 70 years over which time it had established a huge client base.

"The fact that the property was fully let to an international tenant on a long term lease and that the premises’ fit-out was state-of-the-art, made this a must consider for private investors and the result reflected that,’’ Baxter said.

Heatherich said demand for such investments was at an all-time high with the huge volume of investment sales over the last few years resulting in a diminishing number of opportunities.

The vendor was a local private investor.

Tags: 
Savills Moorabbin

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