Ms Chow said; “We are delighted with this result, which demonstrates the resilience of well-located properties, which continue to perform even in challenging markets.”
A local investor purchased the property after outbidding multiple parties and securing the transaction on a yield of 6%.
Mr Tat noted that prospective purchasers had been attracted by the area’s demographic trends and access to compatible surrounding healthcare and educational amenity.
“Population growth within the City of Melbourne is predicted to increase by circa 115% before 2041 and this is expected to increase demand and value for property in the suburb,” Mr Tat said.
“With a diversified income and lengthy leases to the Leukaemia Foundation, dentists and orthodontists, the property offers long-term security as well as minimal ongoing maintenance costs given the quality nature of recent building improvements.”
The property’s head Architect, Tony Battersby, commented that the design of the medical centre was intended to complement the precinct’s emerging medical facilities, which had attracted a quality tenant profile.
Situated in Melbourne’s biggest medical hub and 1.5km from the Melbourne CBD, the property offers investors generous exposure to passing vehicle and foot traffic.
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