Brookfield gym fetches $7.75m
A 15 year old gym near Melton station, in Melbourne’s west, sold to a private investor following an off-market campaign last month.
The Genesis Health & Fitness Centre, which includes the Melton Swim School, at 15-21 Coburns Road, collected $7.75 million.
The vendor paid $4.9m in April, 2016.
Burgess Rawson’s Justin Kramersh was the agent.
15-21 Coburns Road
On 5916 square metres at the north west corner of Brooklyn Road, the 2200 sqm leisure centre contains several exercise rooms and a 25 metre indoor pool.
It is surrounded by 116 car parks (story continues below).
The lease to Genesis’ parent, Belgravia, expires in 2027, when the business will be presented with the first of its two six year options.
“The sale demonstrates continued confidence in the health and wellness sector with investor demand for this asset class remaining strong,” Mr Kramersh, who is now marketing the neighbouring Greenfield Early Learning Centre, said.
The deal comes two years since the nearby Station Square sold to a local syndicate for $43m.
Formerly anchored by Bi-Lo, but now Coles, and on 1.36ha, that result was a boon for the vendor, a local family which paid $10.3m in 2013 then renovated.
Stonebridge’s Justin Dowers and Kevin Tong were the agents.
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