Backpackers site cashed out after medical makeover
The medical centre completed two years ago on the site of the Bells Beach Backpackers in Torquay has sold.
An interstate investor paid $9.25 million for 51-53 Geelong Road, or the Surf Coast Highway.
The vendor, JIPL Property Holdings, paid $2.215m for the tourist accommodation facility in 2021.
Two years later the 1463 square metre site was rezoned to allow for the healthcare facility.
Torquay medical centre
The Geelong Rd asset contains 1010 sqm over two floors occupied by physiotherapy group Kieser, the Surf Coast Hearing Clinic and podiatry business, ProFeet.
Net annual income is $590,208 ex-GST. The three leases have fixed 3.5pc rent rises. The tenants also pick up usual outgoings including rates and insurance.
The weighted average lease expiry by income is 9.38-years (continues below).
There are also 19 car parks.
CBRE’s Jamie Perlinger, Sam Mercuri and David Napoleone with Darcy Jarman’s Andrew Prowse were the agents.
The property was promoted with a potential 50pc stamp duty saving.
Elevate Equity acted for the buyer.
Torquay is about 25 kilometres south of Geelong,
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