Box Hill medical complex sells for $1 million over reserve price
A competitive contest between 15 groups of potential buyers saw a prominent medical complex in Melbourne's Box Hill sell for $1 million above the reserve price.
The two level building, at 852 Whitehorse Road, eventually fell into the hands of a private investor, who paid $5.675 million for the property at auction.
The vendor was the White Diagnostic Centre and the sale attracted a tight yield of 4.8%.
It is currently leased to ASX-listed Vision Eye Centre on a five-year term with one five-year option.
The property has a net lettable area of 680 square metres and features a 16-space basement car park.
CBRE’s Justin Clarkson and Jamus Campbell, who brokered the sale, said the property’s strong tenancy covenant and building’s corner location were key selling factors.
More than 50 people attended the auction, with 15 groups battling it out to secure the property.