Tenanted Dental Investment Sold for $1.8 Million

Tenanted Dental Investment Sold for $1.8 Million

An investment opportunity with development upside (STCA) with a long standing dental clinic tenant at Heathmont in Melbourne’s east has been sold by Ray White Commercial for $1.8 million.

The property leased to Heathmont Dental at 212 Canterbury Road, Heathmont, was sold to a private investor by Ray White Commercial Vic-Nunawading Director Brett Diston on behalf of a private owner for a yield of 5.0 per cent.

Brett Diston said an Expression of Interest campaign for the property attracted strong interest with nine parties making submissions.

“We had keen interest in this property which is leased to a well-known dental clinic who have occupied the approximately 243 sqm building since 1995,” he said.

“The tenant recently secured a new 10 year lease with two five year options. The property is returning rental income of approximately $90,000 per annum.”

Brett Diston said the purpose built prime corner allotment offers outstanding exposure with future value add potential.

“The property has a land area of approximately 850 sqm and is currently Zoned NRZ2 with the local council preparing an amendment as part of the Heathmont Activity Centre Structure Plan to allow for higher density with heights between 2-3 levels (STCA),” he said.

“The site offers prominent exposure to Canterbury Rd and there are 10 on-site car spaces. The property is within the prominent Heathmont Village shopping precinct on busy Canterbury Rd among a number of cafes, restaurants, Heathmont IGA and other retail and specialty stores.”