Toorak investment has been dental practice 22yrs

September 29, Melbourne – Teska Carson is marketing a secure medical investment opportunity at Toorak in Melbourne’s inner east which is on the market for the first time in 15 years. The property will be auctioned on Thursday, October 21, at 1pm on site.

The 707 Malvern Road property comprises a well-presented, 265 square metre, former residential building converted to a high standard dental practice 22 years ago with a reception area, a waiting room with kitchen facilities, dental rooms, a consulting room, a first floor office and staff area and both public and private amenities. 

The 467 square metre site, zoned Residential Growth Zone, includes three car spaces and has 34 metres frontage to Malvern Road. The purpose of the Residential Growth Zone includes providing housing at increased densities in buildings up to and including four storeys. 

The property is securely leased to Toorak Dental Studio on a five year term from December 2019, with three further five year options, returning $141,000 per annum with 3.5 per cent annual increases.

According to marketing agents, Teska Carson Directors George Takis and Michael Ludski, investors will be attracted to the prime location, the prominent street position on the corner of Orrong Rd, and the secure lease.

Mr Takis said the property had a number of investment attributes that would be very attractive to astute investors. 

``This is a great property in a great location with very good growth prospects.

``The fact that it has been utilised as a dental practice for more than 22 years, that it is exceptionally well presented, and that it is so well located will no doubt be noted by investors, who will also note that it has been held for more than 15 years.

``For those with a long term view, the favourable zoning for residential development, may also be attractive,’’ Mr Takis said.    

Mr Ludski said the local area had long been a favourite of Melbourne investors.   

``There is no doubt that the inner-eastern suburbs have been a favorite destination for retail/commercial precinct investors for a long time with the very tightly held Hawksburn Village strip just up the road, a perfect example.

`` Hawksburn Village is one of Melbourne‘s most coveted, well patronised, and best performing retail/commercial precincts, and one of Melbourne’s most tightly held retail strips.  

``These factors, along with exposure to a local population with very high disposable income and increasing residential demand, have put the village at or near the top of investor lists for some time and positively impacted property values within the village and right across the local area,’’ Mr Ludski said. 

He said the property’s key attributes included: 

• Superb location;
• Excellent exposure;
• Secure lease;
• On-site parking; and,
• Strong growth prospects.