Stonebridge Property Group’s listing of the standalone Corio Medical Clinic will test the market again for a product that has long been an investor favorite based on recession-proof non-discretionary-spend tenancy profiles and long leases to blue chip tenants.
Located on the corner of Bacchus Marsh Road and Cox Road, right at the entrance as you head into Geelong, the 6,700 square metre site with three street frontages, will also attract the interest of investors with an eye to potential future expansion options at the gateway of the City of Greater Geelong.
The freestanding, 1,324square metre (GLA) buildings includes several purpose built medical buildings and has recently signed a new seven (7) year lease , with an annual rent of $430,000. There are 74 car spaces on title and the benefit of additional car spaces on the strip. In addition, the medical clinic is being offered with three (3) adjoining residential houses all of which provide additional income and also future development opportunities.
According to Stonebridge Director, Kevin Tong who is marketing the property with Rorey James, the new lease signed in December 2020 further highlights the tenants confidence and commitment to the location.
``Standalone medical are rare and highly sought after by investors and have been over a long period of time and in many instances have produced very strong results. That has been due to some of the best investment credentials you will find in any commercial property asset including long leases, blue-chip tenants and high underlying land value. Mr. Tong said.
``Daily needs tenants like Medical centres with an exceptional track record of performance, add another level of tenancy and rental income security which is particularly attractive in uncertain times,’’ Kevin added.
Strategic commercial landholding
Mr James said the property represented the most substantial and strategic commercial landholding in Corio providing significant scope for future redevelopment given the central location especially being opposite the future northern aquatic and community (over $60million to be invested from the council)
``We are not simply talking about a recession-proof income stream from a blue chip tenant, but a property which also offers exceptional development prospects down the track at the gateway to the Geelong CBD,’’ Rorey James said.
50% stamp duty concession
Mr James added prospective purchasers would also benefit from a significant 50% reduction in stamp duty for commercial properties purchased across regional Victoria.
