Medical facility in Melbourne's Frankston changes hands for $3.1 million

A securely tenanted medical facility in Melbourne’s outer suburb of Frankston has sold for $3.1 million to a local developer.

The property at 5 Hastings Road was marketed by Colliers International’s Ben Baines and Adrian Rowse, who said they fielded more than 100 enquiries following  an expressions of interest campaign.

“The campaign generated in excess of 100 strong enquiries,” Baines said.

“We received 14 genuine expressions of interest before an eventual sale to a local developer, who may look to refurbish or redevelop for the tenant.”

The property is leased to Australian Clinical Labs on a five-year triple net lease, thus promising a steady income stream for the near future.

The Uniradiology Frankston site has an area of 1,821 sqm and generates a passing net income of $192,850 p.a.

Rowse added that property’s location opposite Frankston Hospital appealed to prospective buyers.